US congressman questions speed of stablecoin legislation

The bill to regulate stablecoins will not be enacted soon due to the upcoming elections to the U.S. Congress. This view was expressed by Representative Jim Himes in интервью CoinDesk.

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He doubted that the document would be approved before the end of the Senate’s term — January 2023. At the same time Himes noted progress achieved among lawmakers regarding the industry:

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“If four years ago you had said ‘Bitcoin’, ‘crypto’ and ‘DeFi’ in the halls of Congress, no one would understand what you were talking about.”

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Expounding on regulation, Himes suggested that regulators \”are compelled to operate within the law\”. But Congress \”must seriously address\” updating the regulatory framework, he noted.

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“If regulators continue doing what they are doing now, namely extrapolating or regulating by analogy, it will lead to lawsuits,” warned Himes.

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Earlier, Representative Patrick McHenry spoke of the coming ‘tough debates’ on the stablecoins bill. According to him, the dialogue on fintech has hit a dead end.

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In May, U.S. Treasury Secretary Janet Yellen, against the backdrop of TerraUSD incident, urged the enactment of regulation of ‘stablecoins’ by the end of 2022.

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In October, investor and Shark Tank star Kevin O’Leary predicted the rise in Bitcoin’s price after the passage of the stablecoins law.

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