Summary
McHenry has been working on stablecoin legislation with House Democrats, facing resistance from the administration and top Democrat Maxine Waters over federal oversight of stablecoin issuers.
Key Points
1. McHenry has been working on negotiating stablecoin legislation with members of both parties in the House for months.
2. A bill related to stablecoins cleared McHenry’s committee with the support of several Democrats, despite some resistance from the administration and Rep. Maxine Waters about the federal government’s role in overseeing stablecoin issuers.
3. There has been ongoing debate and discussion about the regulation and oversight of stablecoin issuers, with differing opinions among lawmakers and stakeholders.