U.S. Lawmaker McHenry Confirms House’s Stablecoin Bill Viability

Rep. Patrick McHenry (R-N.C.) bemoaned the disruption to crypto legislation during the recent instability in Congress, but he was upbeat about the work being made on a stablecoin measure in the House of Representatives.

At Coinbase’s Update the System Summit in Washington, McHenry, the head of the House Financial Services Committee, shared his thoughts. He highlighted the preparedness of a stablecoin law, drawing a comparison between the legislative process to landing a plane: the destination is known, but the exact moment is still unknown.

“We have a workable frame,” McHenry affirmed, underscoring the collaborative effort with Rep. Maxine Waters (D-Calif.), despite ongoing budget debates hindering legislative momentum.

Senate’s Role in Crypto Legislation

Echoing McHenry’s remarks, Senator Cynthia Lummis (R-Wyo.) emphasized the continuous communication between her colleagues in the Senate and the House. Senate Majority Leader Chuck Schumer (D-N.Y.) has shown a readiness to pursue stablecoin legislation, which Lummis noted as an indication of the administration’s receptivity to such legislation.

Bipartisan agreement on the importance of cryptocurrency is demonstrated by the fact that McHenry’s committee previously adopted a stablecoin bill with bipartisan support. McHenry reiterated the significance of crypto development for mankind in spite of obstacles.

“Crypto is very important for humanity,” McHenry reiterated, underscoring the bipartisan push for meaningful legislative action in the crypto sphere.