Rep. McHenry gives progress report on stablecoin legislation, says it’s an ‘ugly baby’ By Cointelegraph

Patrick McHenry, ranking member of the United States House of Representatives Financial Services Committee, thinks the “conversation has become unmoored” regarding financial technology and needs to return to solving real-world problems. He is currently in talks over legislation that may at least bring more clarity to stablecoins.

Currently, there is no U.S. federal definition of digital assets or stablecoins, McHenry said, calling the situation “retrograde.” McHenry, House Financial Services Committee Chair Maxine Waters (NYSE:) and the Treasury Department have been in negotiations for months on legislation to regulate stablecoins “in an election year, in a divided Washington.” He spoke positively about the bipartisan nature of the legislation taking shape and tradeoffs that have been made between himself and Waters, and said: