House Financial Services Committee Chair Patrick McHenry signaled on Friday that stablecoin regulation is still top of mind, despite a potential government shutdown looming on the horizon.

“Things are complicated right now,” McHenry said, speaking over Zoom to a crowd gathered in New York at a forum organized by stablecoin issuer Circle. “But I’m gonna do my best to get this to the president’s desk.”

Stablecoins are digital assets pegged to the price of a sovereign currency like the U.S. dollar. And, while states like New York have frameworks for issuing stablecoins in place, the notion of federal rules for stablecoins has lingered on Capitol Hill for years.

McHenry’s affirmation comes amid the threat of a shutdown that could grind parts of the U.S. federal government to a halt. A lapse in funding could be triggered as soon as Saturday if lawmakers can’t come to an agreement, per CNN.

Legislation for stablecoins is one of two bills on digital assets that McHenry’s Committee has produced this year. The other bill focuses on market structure and clarifies digital asset oversight between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

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Author: André Beganski

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