Rep McHenry Advocates for Broader Stablecoin (USDT) Regulation to Enhance Financial Stability

• United States Congressman Rep McHenry highlighted the need for a bigger vehicle to drive the stablecoin legislation in the Senate.
• He added that stablecoin legislation should be prioritized in Congress.
• The anticipation for pro-crypto bills continues after recent successes.

Rep McHenry emphasizes the urgency of stablecoin legislation in Congress, highlighting the need for a larger vehicle to pass the bill in the Senate.

New Stablecoin Vehicle Needed, Says Lawmaker

Speaking on recent events in Congress, Rep McHenry indicated that efforts to get stablecoin legislation passed in the Senate revolve around a vehicle to push the bill. In addition to a vehicle, the law needs a closing date and an opportunity to get it enacted.

“Well, I actually think we need a bigger vehicle. What we’ve not seen in the Senate is for them to take a stand-alone financial services bill across the Senate since bill 2155 and what we need is the majority leader in the Senate to prioritize these policies; the market structure, the stablecoins and until that time, we are just going to create the atmosphere and the pressure in the best way we can.”

Market Structure Bill in the Senate

The Financial Innovation and Technology for the 21st Century Act (FIT 21) was passed in the House by lawmakers from both sides but its fate in the Senate remains dicey. Rep McHenry stated that FIT 21 creates a framework for the ownership of digital assets giving regulatory form to the ecosystem.

Described as a landmark bill involving consumer protection and capital flows, its passage with a two-thirds majority is a major statement, McHenry added.

Conclusion

In conclusion, Rep McHenry’s push for a larger vehicle to pass the stablecoin legislation in the Senate underscores the growing importance of digital asset regulations. With the passage of the FIT 21 Act in the House, the focus now shifts to the Senate, where bipartisan support will be crucial. As the crypto market evolves, the legislative landscape must adapt to ensure consumer protection and market stability.