Rep. Patrick McHenry blames White House for lack of urgency on stablecoin bill negotiations
United States House Financial Services Committee chair Patrick McHenry has pointed a finger at the Biden administration for the lack of bipartisan agreement on a stablecoin bill.
In a July 27 hearing, Rep. McHenry said the version of the Clarity for Payment Stablecoins Act, H.R. 4766, being considered for markup was not based on negotiations between himself and ranking member Maxine Waters. He added that though the committee was “closer than [they]’ve ever been” on a bipartisan solution, the White House did not “share that same sense of urgency” as lawmakers.
“A few small, but nonetheless important, provisions stood between us and a deal,” said Rep. McHenry. “It was the White House’s unwillingness to compromise that has once again brought that negotiation to a halt.”
The stablecoin bill was one of many pieces of crypto-related legislation in the House committee. On July 26, lawmakers moved two key bills through which were aimed at providing regulatory clarity to crypto firms: the Financial Innovation and Technology for the 21st Century Act and the Blockchain Regulatory Certainty Act.
Related: Crypto community responds to US Democrats backing SEC’s crypto authority
Rep. Waters placed the blame for the lack of bipartisan agreement on the stablecoin bill on the “impatience of Republican leadership”, claiming the legislation was “a race to the bottom” with limited oversight over licensing and potential conflicts between approaches by U.S. state regulators and those at the federal level.
“Important legislation takes time,” said Rep. Waters. “The chair is impatient and has decidedly to abruptly end our negotiations and move forward with the bill that is deeply problematic [...] Under this framework, Amazon, Walmart,
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