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House Financial Services Committee Chair Signals Continued Focus on Stablecoin Regulation

House Financial Services Committee Chair Patrick McHenry affirms commitment to stablecoin regulation amidst looming government shutdown. Federal rules for stablecoins remain a top priority on Capitol Hill.

House Financial Services Committee Chair Patrick McHenry, in a recent address to a New York forum organized by stablecoin issuer Circle, reaffirmed his dedication to advancing stablecoin regulation. Despite the threat of a government shutdown, McHenry expressed his determination to push the legislation forward, emphasizing the urgency of the matter.

Stablecoins, digital assets pegged to sovereign currencies like the U.S. dollar, have long awaited federal regulations, while some states like New York have established their own frameworks. McHenry’s committee has produced two bills related to digital assets this year, with one focusing on market structure and oversight by the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

Though hurdles remain, McHenry is hopeful for bipartisan support. The bill must pass the House, navigate the Senate, and receive President Biden’s signature. McHenry aims to accomplish this by year-end.

States are taking their own regulatory actions, with 17 stablecoin bills currently pending in state legislatures. The tension between state and federal authority adds complexity to the issue.

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