House Republicans are still trying to push ahead with a bill to regulate stablecoins and their issuers after hitting a snag in the form of sharp criticisms of the bill by Democrats, who see the bill as too favorable to the crypto industry.

In his opening statement, Rep. Patrick McHenry (R-NC), the chairman of the House Financial Services Committee and a strong supporter of the bill, said he was “disappointed” that an agreement with Democrats on the committee remained out of reach.

He blamed the debacle on the White House, which he accused of not being willing to find middle ground on certain provisions of the bill, known as the “Clarity for Payment Stablecoins Act of 2023.”

“A bipartisan deal was within reach,” said McHenry. “It was the White House’s unwillingness to compromise that has once again brought negotiations to a halt.”

McHenry did not specify which specific provisions were the points of disagreement with President Joe Biden’s administration, but insisted that negotiations were ongoing into the prior evening. Spokespersons for McHenry and the White House have not yet returned Decrypt’s request for a comment. 

For their part, Demo

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Author: Nicholas Morgan

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