Rep McHenry from the US has highlighted stablecoin legislation as a top priority, with discussions ongoing for the past 23 months.
Rep McHenry, a member from the United States, has stated that stablecoin legislation is a priority, and conversations have been going on for the past 23 months.
The lawmaker also discussed recent advances in legislation that are favorable to cryptocurrency, as well as a more comprehensive vehicle for a bill in the Senate.
This month has witnessed the enactment of industry laws and a shift in the stance of some US lawmakers, propelling digital asset regulations to the forefront of public attention.
Events like former President Donald Trump’s acceptance of Bitcoin donations and the anticipated support from both Democratic and Republican supporters have sparked wider market speculation.
New Stablecoin Vehicle Needed, Says Rep McHenry
According to Rep McHenry, who was discussing recent developments in Congress, the focus of efforts to pass stablecoin legislation in the Senate is on creating a vehicle for the measure.
Before the law can be considered complete, it must also have a deadline and an opportunity for adoption.
Representative McHenry believes that recent victories, such as the passing of the market structure law and the support of Democrats in the voting process, indicate that both parties are supporting the bill, despite the pessimistic outlook from most analysts.
When asked if he believes the law pertaining to stablecoins may be considered independent in the upper chamber, he responded in the negative.
Market Structure Bill in the Senate
Despite its approval by members from both parties in the House of Representatives, the fate of the Financial Innovation and Technology for the 21st Century Act (FIT 21) in the Senate remains uncertain.
Representative McHenry stated that FIT 21 creates a structure for digital asset ownership, thereby giving the ecosystem a regulatory structure.
Its passage with a two-thirds majority is a significant message, according to McHenry, who also stated that the law is a landmark piece of legislation that deals with consumer protection and capital flows.