Rep. Maxine Waters and Rep. Patrick McHenry advocate for a year-end stablecoin legislation "grand bargain" with Federal Reserve involvement.

Rep. Maxine Waters (D-CA) is advocating for a "grand bargain" on stablecoin legislation by year-end, aiming to finalize regulatory frameworks that have been debated for two years. Collaborating with Rep. Patrick McHenry (R-N.C.), Waters seeks clear guidelines for stablecoin issuance, emphasizing secure backing and a significant role for the Federal Reserve. Both representatives acknowledge challenges in achieving consensus as McHenry prepares to retire.

September 24, 2024
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