• U.S. Representative Patrick McHenry’s efforts to pass legislation that would regulate stablecoins in the United States has been stalled after negotiations with House Democrats failed to yield a deal.
• Last month, the Republican chair of the House Financial Services Committee proposed a new version of the primary U.S. legislative proposal aimed at regulating stablecoins, incorporating ideas from both parties.
• On Thursday, Congressman Patrick McHenry expressed his disappointment regarding the no deal on the payments stablecoins bill and attributed it to an “unwillingness to compromise” from Democrats during negotiations.
US Crypto Regulations: Stablecoin Legislation Stalled
U.S Representative Patrick McHenry’s efforts to pass legislation that would regulate stablecoins in the United States has been stalled after negotiations with House Democrats failed to yield a deal. The proposed ‚Clarity for Payment Stablecoins Act of 2023‘ was expected to incorporate bipartisan ideas but ultimately faced a no-deal situation much to Rep. McHenry’s disappointment who had prioritized this topic since last year, even before assuming control of the committee.
Proposal Aims To Regulate Stablecoins
Last month, the Republican chair of the House Financial Services Committee introduced a new version of the primary U.S. legislative proposal aimed at regulating stablecoins, incorporating ideas from both parties as a potential step towards bipartisan discussions on cryptocurrency regulation within US borders.
No Deal Reached In Congress
On Thursday, Congressman Patrick McHenry expressed his disappointment regarding the no deal on the payments stablecoins bill and attributed it to an “unwillingness to compromise” from Democrats during negotiations which prevented any potential progress being made on this matter in Congress .
Reaction From Cryptocurrency Experts
Many experts saw this as a significant development in establishing U
