New Stablecoin Bill Drafted by House Republicans as Compromise With Democrats

The panel’s chairman, Rep. Patrick McHenry (R-N.C.), has judged stablecoin legislation a priority since last year, before he took over the committee. When he won the gavel, he extended the work, though Democrats had complained that Republicans were re-writing the bill without their input. They later loosed their own version. The narrow scope of the bill and its past bipartisan support had been the strengths of the effort to date, but it’s not yet completely what Democrats think of the latest version.