US Representative Patrick McHenry said that discussions on stablecoin legislation are ongoing and he expects the issue to be resolved in the coming months.
After months of deliberation, stablecoin legislation may become clear in the coming months.
Patrick McHenry Hopes Settlement
According to Republican McHenry, House Financial Services Committee and Chairman of the Treasury Department Maxine Waters hopes the talks will end after it is agreed that rules on how stablecoins like USDT and USDC will work in the United States.
Lawmakers are currently in dispute over how cryptocurrencies are held, the definition of a crypto wallet, and which federal agency should regulate stablecoin issuers. It has been agreed that stablecoin issuers should have one-to-one reserves to support their holdings.
Patrick McHenry, who is likely to become committee chair if Republicans win a majority in the House of Representatives, said these talks are already “a sign of hope for complex and difficult policy making amid all this chaos.”
“I am optimistic that we will get along. I appreciate the willingness of my Democratic colleagues to do that as well.”
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