Crypto Regulation Takes a Step Forward as Stablecoin & Self-Custody Bills Pass in US
• U.S. House lawmakers take a significant step in advancing stablecoin legislation through Congress, despite lack of bipartisan support due to White House objections.
• The bill represents a milestone achievement in Congress, securing a 34-16 vote and proceeding for further consideration in the House of Representatives.
• Additionally, three other crypto-related bills were advanced for a vote in the full House of Representatives, marking the first time laws solely dedicated to this topic moved forward.
Stablecoin Bill Makes History in the U.S
The U.S. House Financial Services Committee recently took a significant step in advancing stablecoin legislation through Congress despite lack of bipartisan support attributed to White House objections. The bill received a 34-16 vote and proceeded for further consideration in the House of Representatives, representing a milestone achievement in Congress.
Contentious Debate During Markup
The markup of the bill was marked by contentious debates between Chair Patrick McHenry (R-N.C.) and leading Democrat Maxine Waters (D-Calif.). McHenry expressed his disappointment with lacking bipartisan backing due to White House refusal to compromise on negotiations and expressed his regret that an agreement couldn’t be reached between parties before the hearing commenced.
Other Crypto Bills Move Forward
In addition to this landmark legislation, three other crypto-related bills were advanced for a vote in the full House of Representatives – marking the first time laws solely dedicated to this topic moved forward – while another crypto markets oversight bill had previously passed McHenry’s panel as well.
White House Stops Negotiations & Bipartisanship
Despite attempts from both parties at reaching an agreement on negotiations related to stablecoins legislation, it was ultimately stopped by White House objections which prevented any sort of bipartisan backing from taking place during Thursday’s hearing – leaving Chairman Patrick McHenry disappointed with such outcome after months of collaboration between both sides on this issue prior its markup session began .
Crypto Laws Make History In US Politics
With four crypto-related bills now moving forward for potential votes within U.S.’s legislative chamber – including one focused specifically on stablecoins – it is clear that these types of laws are making history as they continue pushing boundaries when it comes to regulation framework and user rights within cryptocurrency industry worldwide .