Last month, it appeared Republicans and Democrats in the House had mended fences and were moving towards bipartisan backing for the stablecoin Bill put forward by the House Financial Services Committee. Now, Axios reported that another Bill is circulating, this time from the Senate. Senators Cynthia Lummis (Republican) and Kirsten Gillibrand are reported to be finalizing a stablecoin Bill.
During 2022 the two Senators put forward comprehensive digital assets legislation, with stablecoins forming an important chunk of that Responsible Financial Innovation Bill. Axios sources said Senators received input from the New York Department of Financial Services, the Federal Reserve, Treasury and the National Economic Council for the latest draft legislation. It’s discussing the Bill with the House Financial Services Committee.
Last year Republicans voted in favor of the House Financial Services Committee stablecoin Bill. However, there was significant animosity from Democrats during the debate. Politico reported last month that changes have been made to the draft Bill and that the House was close to bipartisan agreement. Federal Reserve Chair acknowledged as much in a hearing last month.
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