House Republicans’ push for anti-central bank digital currency legislation could hinder bipartisan support for stablecoin legislation, according to investment bank TD Cowen.
The Anti-CBDC Surveillance Act, introduced last year by House Majority Leader Tom Emmer (R-Minn.), would block the Federal Reserve from issuing CBDCs directly to individuals. bill advanced Last September, he voluntarily withdrew from the House Financial Services Committee amid harsh criticism from Democrats.
People close to the situation said House conservatives are discussing potentially voting on a CBDC bill along with a long-awaited stablecoin bill. Politico. Rep. Emmer did not immediately respond to a request for comment on the possible vote.
“Democrats generally see value in at least exploring central bank cryptocurrencies, so linking a digital dollar ban to a stablecoin bill could undermine bipartisan support for the bill,” said TD Cowen Washington Research Group, led by Jaret. “It’s our concern,” he said. Seiberg, On a note on Monday.
The top Democrats on the House Financial Services Committee, Maxine Waters, D-Calif., and Chairman Patrick McHenry, R-N.C., have been discussing for years to reach a compromise on legislation to regulate stablecoins. The bill passed the House Financial Services Committee but ran into difficulties. supply This allows state regulators to approve stablecoin issuance without input from the Federal Reserve.
Since then, Waters and McHenry have seen each other more frequently. disagreement It remains to be seen who the primary regulators of stablecoin issuers will be.
“I’m not willing to declare that stablecoin legislation is in trouble yet, but it’s very difficult to get any legislation passed,” TD Cowen said. “This is why we view any development that complicates stablecoin legislation as further narrowing the path to enactment.”
The central bank has been exploring the possibility of issuing a CBDC and announced one last year. report The pros and cons were explored, but central bank officials gave up. cold water About ideas from the past.
Federal Reserve Chairman Powell told lawmakers last month that the Fed was “nowhere close” to recommending or adopting a CBDC and insisted the central bank would not issue one without congressional approval.
The Heritage Foundation’s Scorecard
The Heritage Foundation has been pressuring lawmakers to pass CBDC legislation and urged lawmakers to co-sponsor legislation in February, warning that if they did not, their Heritage Action Scorecard scores would be “negatively impacted.”
that much scorecardTD Cowen’s note compares conservative lawmakers to the priorities of the right-wing political sector, showing how much they outweigh voters.
Sen. Ted Cruz, R-Texas, also introduction This is a CBDC ban bill approved by the Heritage Foundation and the Blockchain Association.
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