Financial Services Committee chair, Patrick McHenry, is blaming the Biden administration for the lack of a bipartisan solution to the Clarity for Payment Stablecoins Act.
United States House Financial Services Committee chair Patrick McHenry has pointed a finger at the Biden administration for the lack of bipartisan agreement on a stablecoin bill.the version of the Clarity for Payment Stablecoins Act, H.R. 4766, being considered for markup was not based on negotiations between himself and ranking member Maxine Waters.
The stablecoin bill was one of many pieces of crypto-related legislation in the House committee. On July 26, lawmakers “Important legislation takes time,” said Rep. Waters. “The chair is impatient and has decidedly to abruptly end our negotiations and move forward with the bill that is deeply problematic [...] Under this framework, Amazon, Walmart, Facebook can create their own stablecoins or even be affiliated with a stablecoin issuer.”
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