McHenry Advocates for Stablecoin Regulation Amidst Potential Government Shutdown Concerns

Patrick McHenry, Chair of the Financial Services Committee in the US House of Representatives, emphasized his dedication to pushing stablecoin regulation forward, regardless of the looming threat of a government shutdown.

During an online event orchestrated by the stablecoin issuer Circle in New York, McHenry vocalized his intent. “Things are complicated right now. But I’m gonna do my best to get this to the president’s desk,” he commented, according to Decrypt’s report.

This commitment was voiced prior to lawmakers reaching a consensus during the weekend, successfully averting the government shutdown.

McHenry’s committee has introduced two digital asset-related bills this year. One delves into stablecoins, while the other aims to demarcate the regulatory boundaries between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) concerning digital assets. Any stablecoin-related legislative actions approved by the House still need the nod from the Senate and President Biden.

In his speech, McHenry radiated positivity, referencing potential support from senators across the political spectrum.