McHenry Pushing For Stablecoin Regulation Despite Shutdown Threat

House Financial Services Committee Chair Patrick McHenry still prioritizing stablecoin regulation despite looming government shutdown.
Goal is to pass legislation regulating stablecoins and send it to Biden's desk by early next year.
McHenry sees bipartisan support for stablecoin regulation, though state vs federal oversight remains a sticking point.
17 state bills currently pending on stablecoin regulation as federal action stalls.
McHenry argues stablecoins enable spread of dollar and innovations like them should embody individual rights.

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Relevant topic timeline:

8/25/2023

Biden's Crypto Tax Proposal Is Attempt to 'Kill' Adoption in US, Says Financial Services Chair - Decrypt

The Chairman of the House Financial Services Committee, Patrick McHenry, criticized the Biden Administration's proposed crypto tax regulations, claiming that they aim to "kill" the digital asset industry in the U.S. and urged for clearer rules.

9/8/2023

Fed Official Barr Discusses CBDC Research, Stablecoin Regulation at Philadelphia Event

Michael Barr, the Vice Chairman of the Federal Reserve Bank, expressed concern about stablecoins and praised legislative efforts to regulate them at a fintech event.

9/12/2023

House Financial Services Committee Announces Two Hearings on Tuesday

The Chairman of the House Financial Services Committee, Patrick McHenry, has announced two upcoming hearings on September 19, 2023, concerning capital markets, financial institutions, and monetary policy.

10/3/2023

McHenry Briefly Takes Speaker's Gavel as Crypto-Friendly Chairman

Crypto-friendly Rep. Patrick McHenry is temporarily replacing Speaker of the House Kevin McCarthy, which could help progress on digital-asset regulations in the US, with several crypto bills expected to be brought up for floor votes soon. However, Senate approval is still needed for these bills, and the discordant Republican caucus in the House may slow down the process.

10/20/2023

Wall Street Eyes Rep. McHenry as Potential Moderating Force as House Speaker

Rep. Patrick McHenry, a pragmatic and bipartisan dealmaker, is being considered to run the U.S. House, a prospect welcomed by the business community as it seeks stability amidst Washington dysfunction and a potential government shutdown.

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Posted 9/29/2023, 10:05:07 PM