Stablecoin Legislation Unlikely To Be Tacked To FAA Reauthorization, Democratic Aide Reveals
Proposed stablecoin legislation is unlikely to be tacked onto the must-pass Federal Aviation Administration’s (FAA) reauthorization bill despite attempts by Representatives Maxine Waters and Patrick McHenry, a Democratic aide on Capitol Hill revealed Tuesday.
Speaking with CoinDesk, the anonymous staffer claimed that leaders in both the Senate and the House of Representatives are not keen on adding legislation dealing with stablecoins onto the staple FAA bill. U.S. lawmakers typically pass less popular legislation to larger bills almost guaranteed to pass in hopes of drumming up bipartisan support for their cause.
JUST IN: Congressional leaders block stablecoin regulations from tagging along with FAA bill. Efforts for U.S. #Stablecoin rules hit another snag. #Crypto legislation on hold once more.
— THΞ FΞNNΞC (@FennecSpirit) April 30, 2024
Punchbowl News reported earlier this month on Representatives Maxine Waters and Patrick McHenry’s attempts to pitch Senate Majority Leader Chuck Schumer their proposed combined stablecoin and FAA package.
The political publication noted that the merged legislation would be “fairly unprecedented in financial services policy.”
Introduced in 2023, McHenry’s “Clarity for Payment Stablecoins Act” would see stablecoins regulated similarly to the traditional financial sector.
The House Financial Services Committee Chair’s bill is not the only proposed stablecoin policy making rounds in Washington, D.C.
Earlier this month, Senators Cyntia Lummis and Kirsten Gillibrand brought forward the Lummis-Gillibrand Payment Stablecoin Act, which would allow federal and state depository institutions to become stablecoin issuers while non-depository institutions would be overseen by the federal
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