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."
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
