A prospective stablecoin bill will likely not be included in upcoming must-pass Federal Aviation Administration legislation as lawmakers try to get the bill across the finish line.
House and Senate leadership have indicated the FAA will be "clean" of bills lawmakers have been looking to attach, so it is unlikely that a stablecoin bill will be included, according to a Democratic aide.
Lawmakers, including House Financial Services Committee Chair Patrick McHenry, R-N.C., ranking Democrat Maxine Waters, D-Calif. and Senate Majority Leader Chuck Schumer had reportedly discussed attaching the bill to upcoming FAA reauthorization, which could accompany cannabis legislation. That must-pass reauthorization is up against a May 10 deadline.
A stablecoin bill is likely to be included in a larger legislative package, leaving a few options. Post-election season, a bill could be attached to end-of-year bills such as the National Defense Authorization Act or part of a legislative package that includes a bill that would allow financial institutions to provide services to the marijuana industry.
Crypto-friendly top Republican Rep. French Hill said he would support a legislative package that includes both a bill to regulate stablecoins and another focused on marijuana banking, in an interview with Bloomberg on Monday. Senate Banking Committee Chair Sherrod Brown, D-Ohio., has also said he is supportive of the idea, according to Bloomberg.
Reps. Waters and McHenry have been working on a stablecoin bill for over 20 months. One hang-up in the past has been who would be the primary regulator for stablecoin issuers — the federal government or state regulators. Last summer, Waters called the stablecoin bill "deeply problematic" due to a provision that allows state regulators to approve stablecoin issuances without Federal Reserve input. It is unclear whether that has been resolved.
Last week, Waters told Bloomberg she and McHenry were on their way "to getting a stablecoin bill in the short run."
The Senate bill, introduced by Sens. Kirsten Gillibrand, D-N.Y., and Sen. Cynthia Lummis, R-Wyo. earlier this month, has a provision to create "federal and state regulatory regimes for stablecoin issuers that preserves the dual banking system." Specifically, the bill creates a cap, allowing "state trust companies to create and issue payment stablecoins up to $10 billion."
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