{"id":20289,"date":"2023-07-27T16:11:29","date_gmt":"2023-07-27T16:11:29","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/rep-patrick-mchenry-blames-white-house-for-lack-of-urgency-on-stablecoin-bill-negotiations\/"},"modified":"2023-07-27T16:11:31","modified_gmt":"2023-07-27T16:11:31","slug":"rep-patrick-mchenry-blames-white-house-for-lack-of-urgency-on-stablecoin-bill-negotiations","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/rep-patrick-mchenry-blames-white-house-for-lack-of-urgency-on-stablecoin-bill-negotiations\/","title":{"rendered":"Rep. Patrick McHenry blames White House for lack of urgency on stablecoin bill negotiations"},"content":{"rendered":"<p><\/p>\n<div data-v-2649fa34=\"\">\n<p>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.<\/p>\n<p>In a July 27 hearing, Rep. McHenry said 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. He added that though the committee was \u201ccloser than [they]\u2019ve ever been\u201d on a bipartisan solution, the White House did not \u201cshare that same sense of urgency\u201d as lawmakers.<\/p>\n<p>\u201cA few small, but nonetheless important, provisions stood between us and a deal,\u201d said Rep. McHenry. \u201cIt was the White House\u2019s unwillingness to compromise that has once again brought that negotiation to a halt.\u201d<\/p>\n<p><iframe title=\"Markup of H.R. 4766, H.R. 4841, H.R. 4790, H.R. 4767, H.R. 4823, H.R. 4655, H.J. Res. 66\" width=\"1200\" height=\"900\" src=\"https:\/\/www.youtube.com\/embed\/642bus8WC6s?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe><\/p>\n<p>The stablecoin bill was one of many pieces of crypto-related legislation in the House committee. On July 26, lawmakers moved two key bills through which were aimed at providing regulatory clarity to crypto firms: the Financial Innovation and Technology for the 21st Century Act and the Blockchain Regulatory Certainty Act.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Crypto community responds to US Democrats backing SEC\u2019s crypto authority<\/em><\/strong><\/p>\n<p>Rep. Waters placed the blame for the lack of bipartisan agreement on the stablecoin bill on the \u201cimpatience of Republican leadership\u201d, claiming the legislation was \u201ca race to the bottom\u201d with limited oversight over licensing and potential conflicts between approaches by U.S. state regulators and those at the federal level. <\/p>\n<p>\u201cImportant legislation takes time,\u201d said Rep. Waters. \u201cThe chair is impatient and has decidedly to abruptly end our negotiations and move forward with the bill that is deeply problematic [&#8230;] Under this framework, Amazon, Walmart, Facebook can create their own stablecoins or even be affiliated with a stablecoin issuer.\u201d<\/p>\n<blockquote><p>\u201cThe Fed do not support the bill, Treasury does not support the bill, and we don\u2019t have the support of those who asked us to get involved with a stablecoin bill to begin with.\u201d<\/p><\/blockquote>\n<p>At the time of publication, it was unclear whether H.R. 4766 had the votes for passage through the committee. Lawmakers are also expected to discuss the Keep Your Coins Act introduced by Rep. Warren Davidson, a bill aimed at preventing U.S. government agencies from exercising certain authority over individuals\u2019 self-custodied crypto wallets.<\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Opinion: GOP crypto maxis almost as bad as Dems\u2019 \u2018anti-crypto army\u2019<\/em><\/strong><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"\/><\/div>\n","protected":false},"excerpt":{"rendered":"<p>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. In a July 27 hearing, Rep. McHenry said the version of the Clarity for Payment Stablecoins Act, H.R. 4766, being considered for markup was not based on negotiations [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":20290,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-20289","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rep. 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