Hopes for a bipartisan agreement on stablecoin legislation were dashed on Thursday and Republicans in the House are blaming the Biden administration.
The Clarity for Payment Stablecoins Act has been months in the making, with Republicans seeking input from Democrats in order to craft a viable piece of legislation that would pass muster in both chambers of Congress and land on President Joe Biden’s desk.The bill seeks to establish a regulatory framework for stablecoins, which represent a $123 billion market.
“Unfortunately, there was a third party in this negotiation that did not share our same sense of urgency — the White House,” he said. “A bipartisan deal was within reach — we were closer than we’ve ever been. A few small, but nonetheless important, provisions stood between us and a deal. It was the White House’s unwillingness to compromise that has once again brought negotiations to a halt.”
Waters and Democrats laid the blame at the Republicans' feet. She said that an agreement wasn’t reached “because of the impatience of Republican leadership.
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