Future must-pass Federal Aviation Administration legislation will likely not include any future stablecoin legislation as lawmakers struggle to get the bill across the finish line.
According to a Democratic aide, it is unlikely that a stablecoin bill will be included because House and Senate leaders have said the FAA will “clean up” the bill that lawmakers were trying to attach.
Lawmakers including House Financial Services Committee Chairman Patrick McHenry, R-N.C., ranked Rep. Maxine Waters, D-Calif. Senate Majority Leader Chuck Schumer did the same. According to reports There was discussion about attaching the bill to the upcoming FAA reauthorization that could accompany the cannabis bill. The deadline for reapproval, which must pass, is May 10.
Stablecoin legislation will likely be included in a larger legislative package, and several options remain. The bill may be attached after the presidential election. It’s part of a legislative package that includes year-end bills like the National Defense Authorization Act and legislation allowing financial institutions to serve the marijuana industry.
French Hill, a top cryptocurrency-friendly Republican in the House of Representatives, said in an interview with Bloomberg on Monday that he would support a legislative package that includes both a bill to regulate stablecoins and a bill focused on marijuana banking. According to Bloomberg, Senate Banking Committee Chairman Sherrod Brown of Ohio also expressed support for the idea.
talks in progress
Representatives Waters and McHenry have been working on a stablecoin bill for over 20 months. One issue in the past has been who is the primary regulator of stablecoin issuers: the federal government or state regulators. Last summer, Waters called stablecoin legislation “a serious problem.” supply This allows state regulators to approve the issuance of stablecoins without the involvement of the Federal Reserve. that unclear Has it been resolved?
Last week, Waters said: bloomberg She and McHenry “were on their way to collect stablecoin bills from around the world. short-term.”
Senate bill filed by Sen. Kirsten Gillibrand (D-N.Y.) and Sen. Cynthia Lummis (R-Wyo.). Earlier this month, there was a provision creating a “federal and state regulatory framework for stablecoin issuers that preserves the dual banking system.” Specifically, the bill creates a cap that would allow “national trust companies to create and issue payment stablecoins up to $10 billion.”
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