With bipartisan support, after seven heated hours of debate on Thursday the House Financial Services Committee approved its bill to regulate stablecoins.
The bill — the Clarity for Payment Stablecoins Act — gives more power to state legislators by allowing them to license payment stablecoin issuers. It does contain some federal policy, such as requiring that the Federal Reserve have an input into issuing regulations.
Selected Democrats voted for the bill’s advancement, as did all Republicans on the committee. The group passed it in a vote of 34-16 Thursday evening. Josh Gottheimer (D-N.J.), Ritchie Torres (D-N.Y.), and Wiley Nickel (D-N.C.) are among the Democrats who supported this bill.
Tensions began to rise during the Thursday markup as Democrats voiced their displeasure with the agenda.
“Today this committee is being forced by the extreme [“Make America Great Again”] wing of the Republican party to address a trove of anti-ESG, anti-investor and wholly anti-capitalist bills,” Maxine Waters (D-Cali.) said this in her first statement as the ranking member of Congress.
Many people shouted and expressed their anger at Waters’ comments in the committee room.
This bill was “deeply problematic and bad for America,” Waters also expressed concern about the reserve requirements of the bill for the issuers, and the Federal Reserve’s limited role.
Patrick McHenry of N.C. said the bill was well-received despite all the criticism. “accomplishes our shared goal — to provide a clear regulatory framework for the issuance of payment stablecoins.”
McHenry presented the stablecoin Bill in the House for the first time last week. Discussion drafts had been circulated by McHenry over the past months. The bill is now on its way to the House.
Also on Thursday, the committee moved to move forward with Keep Your Coins Act. This is a Bill introduced by Rep. Warren Davidson. This bill prohibits Federal agencies from using virtual currencies for lawful transactions. It also provides protection to crypto users who choose to use self-custody.
“Those attacking self-custody oppose individual freedom,” Davidson tweeted after the bill was passed by the committee. “They want someone they control to control your assets.”
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