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Stablecoin Legislation Looms Despite Threat of Government Shutdown

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Stablecoin Legislation Looms Despite Threat of Government Shutdown

House Financial Services Committee Chair Patrick McHenry has indicated that stablecoin regulation remains a priority, even with the potential threat of a government shutdown looming. McHenry stated that he will do his best to get stablecoin regulation to President Biden's desk. Stablecoins, digital assets pegged to the value of a sovereign currency, have been a topic for federal regulation on Capitol Hill for years. McHenry's committee has produced two bills on digital assets, one focusing on stablecoins and the other on market structure. While there is support from both Republicans and Democrats, the legislation would still need to pass through the Senate and obtain Biden's signature. McHenry aims to reach an agreement by the beginning of the year.

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