New Stablecoin Bill Drafted by House Republicans as Compromise with Democrats

The panel’s chairman, Rep. Patrick McHenry (RN.C.), has prioritized stablecoin legislation since last year, before taking over the committee. When he won the gavel, he continued with the work, although Democrats complained that Republicans were rewriting the bill without his input. He later released his own version. The bill’s narrow scope and its past bipartisan support were strengths of the effort to date, but it is not yet clear what Democrats think of the latest version.