Connect with us

Hi, what are you looking for?


Will A Stablecoin Bill Really Be Passed Before The U.S. Presidential Election? The DGC Policy Officer Cody Carbone Weighs In

Between Representatives Cynthia Lummis and Kirsten Gillibrand’s new stablecoin bill and Congresswoman Maxine Waters’ renewed optimism in stablecoin legislation, will a new law regulating the cryptocurrencies be enacted anytime soon?

Cody Carbone, Chief Policy Officer at The Digital Chamber, said last week that he would only give the odds of any stablecoin legislation passing before the U.S. presidential election 35%.

Carbone Pessimistic About Stablecoin Bill Passing Before Presidential Election

“It’s not nothing, but I think it’s more likely than not it doesn’t pass,” Carbone told Crypto News in an interview Thursday. “People are motivated, so that’s why I have a little hope.”

Currently, House Financial Services Chairman Patrick McHenry’s Clarity For Payment Stablecoins Act and the recently introduced Lummis-Gillibrand Payment Stablecoin Act are the two leading pieces of stablecoin legislation on the floor of Congress.

@gillibrandny and I are introducing the most comprehensive stablecoin bill to date.

Crypto assets are revolutionizing the world and as the undisputed leader in financial innovation, the U.S. must embrace crypto assets, but it cannot be done without clear rules for stablecoins.

— Senator Cynthia Lummis (@SenLummis) April 17, 2024

If approved, Lummis and Gillibrand’s bill would allow for both state and federal regulatory oversight of cryptocurrencies while McHenry’s bill would see non-bank stablecoin issuers to stay under state regulation, a major point of contention amongst U.S. lawmakers.

“That has really been the biggest thorn in the side to getting an agreement and I haven’t seen any progress at finding a resolution there, so that’s why I’m pessimistic that we’re going to get something done,” Carbone said.

Reps. Maxine Waters, Cynthia Lummis, And More Push For Stablecoin Reform

Carbone further notes that the push for effective stablecoin reform is reaching a “critical time” in the next few weeks as representatives dole out the last bit of legislation before returning to their “partisan camps” and seeking potential re-election.

Representatives are rushing to advance their crypto bills on Capitol Hill, with reports coming out earlier this month that Waters and McHenry recently pitched their yet-to-be-released stablecoin bill to Senator Chuck Schumer.

California Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, says the panel is on the way to getting a stablecoin bill in the short run

— Bloomberg TV (@BloombergTV) April 24, 2024

According to Punchbowl News, McHenry and Waters debated tacking their stablecoin reform to the upcoming must-pass funding reauthorization of the Federal Aviation Administration (FAA) to earn bipartisan support.

Another hurdle standing in the way of establishing palatable stablecoin legislation is Senator Elizabeth Warren. She has long pushed against any regulatory framework for cryptocurrencies, particularly without the approval of her Digital Asset Anti-Money Laundering Act (DAAMLA).

“At the end of the day, they’re going to need to come together because there is going to need to be one product that passes both to get to the president’s desk,” Carbone said.

Meanwhile, all eyes will be on Washington, D.C., in the coming weeks to see whether U.S. lawmakers can compromise on stablecoin legislation before the focus shifts to the November 2024 elections.

The post Will A Stablecoin Bill Really Be Passed Before The U.S. Presidential Election? The DGC Policy Officer Cody Carbone Weighs In appeared first on Cryptonews.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Pavel Durov, the founder of Telegram, has received a generous donation from over half a million players of the viral Telegram-based clicker game called...


The crypto industry has made a record $94 million in political donations since 2023 in an effort to support pro-crypto governance. According to a...


As the Floki (FLOKI) bulls eye a quick 50% rally from current levels around $0.00021 to yearly highs above $0.00031 after a key technical...


Bank of America (BAC) upgraded its rating on Coinbase (COIN) shares from underperform to neutral on Friday and raised its price target for Coinbase to...


In a major move, Turkey drafted a crypto bill, tabled by the ruling party (AK Party) Group Chairperson Abdullah Güler on May 16, to...


Hong Kong became the first region outside mainland China to allow users to open digital wallets and hold China’s CBDC e-CNY, otherwise known as...

You May Also Like

Financial Advisors


Financial Advisors


Financial Advisors

The humongous outbreak of the dreaded coronavirus has brought about a groundbreaking change in what the world perceived as ‘normal’. With an estimated 280,391,189...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Respect Investment. All Rights Reserved.