Rep. McHenry gives progress report on stablecoin legislation, says it’s an ‘u...
The ranking member of the House Financial Services Committee praised the bipartisanship behind the coming bill, but says there are “complex conversations” ahead. Patrick McHenry, ranking member of the United States House of Representatives Financial Services Committee, thinks the “conversation has become unmoored” about financial technology and needs to return to solving real world problems. He is in talks on legislation that may at least bring more clarity to stablecoins.Currently, there is no U.S. federal definition of digital assets or stablecoin, McHenry said, calling the situation....
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Under President Donald Trump’s second term in the White House, the past few months have seen significant progress on crypto and specifically stablecoin legislation, with key industry players promising a significant shift from the previous administration’s approach. One key voice joining the support for pro-stablecoin legislation is Ivan Soto-Wright, CEO of MoonPay, who advocates for […]
Leading Republican House Financial Services Committee members have voiced deep concerns over recent actions taken by the Federal Reserve Board (Fed) that they believe undermine the progress made by Congress in establishing a regulatory framework for payment stablecoin. In a letter addressed to Fed Chairman Jerome Powell, Representative Patrick McHenry, Representative French Hill, and Representative […]
Are stablecoins in the sights of U.S. regulators? The decline of Terra Luna and it’s UST (and correlating LUNA) token earlier this year brought along plenty of fanfare. It’s full damage and implications, however, have clearly yet to be established; a new draft of a U.S. House bill is proposing a two-year ban on stablecoins similar to Terra’s UST stablecoin. UST depegged and caused major ripples throughout defi earlier this year. Let’s look at what the legislation could potentially bring to the market. Stablecoins Under Scrutiny? According to a report from Bloomberg,....
The recent passage of the GENIUS Act, which marks the first stablecoin legislation in the United States, has sparked considerable interest among crypto investors. However, leading banking associations across the country have raised alarms about potential vulnerabilities in the law that could pose risks to the financial system. Alleged Risks In New Stablecoin Legislation In […]
Representative McHenry is convinced that Congress should take crypto regulation away from executive agencies and courts. In a letter to the leadership of the United States House Financial Services Committee, ranking member Patrick McHenry took a jab at “inconsistent treatment and jurisdictional uncertainty” inherent in U.S. crypto regulation and called for the Committee to take on its critical issues.McHenry, a Republican representing North Carolina, opened by mentioning that the Committee’s Democrat Chairwoman Maxine Waters is looking to schedule additional hearings addressing matters....