McHenry Says He's Confident in 'Ugly Baby' Bipartisan Stablecoin Bill

Source: American Banker

House Financial Services Committee Ranking Member Rep. Patrick McHenry, R-N.C., said that talks continue over Congress's leading bipartisan stablecoin bill, and that he's confident that some kind of bill defining regulation for the digital assets will eventually pass. 

McHenry, who spoke at DC Fintech Week, has worked on the bill along with House Financial Services Committee Chair Maxine Waters, D-Calif.

"We've come up with a pretty ugly baby," McHenry said. "It is a baby, nonetheless and we're grateful and hopeful it can grow and prosper into something that is a lot more attractive." 

The stablecoin bill between the two House Financial Services Committee lawmakers is one of several floating around Congress. One by the top Republican on the Senate Banking Committee would create new federal license for stablecoin issuers, which would be issued by the Office of the Comptroller of the Currency.