Rep. Warren Davidson: Stablecoin bill has 'outside chance' of finalizing this year
There is a small chance the U.S. House of Representatives could pass the bill to regulate stablecoins by year-end, though it's more likely it will pass in the first quarter of 2023, says U.S. Congressman Warren Davidson.
According to a Thursday report from Kitco, Davidson made the remarks at the Annual Fintech Policy Forum on Sept. 22, where he suggested:
The “stablecoin bill” seemingly refers to draft legislation aimed at “endogenously collateralized stablecoins” which came to light this week — and would place a two-year ban on new algorithmic stablecoins such as TerraUSD Classic (USTC).
However, Davidson went on to say that while "there's a chance we get to yes on stablecoins this year,” it’s something that can be achieved by the first quarter of 2023.
“If we don't, it's something that I think we can get to with a Republican majority in Q1 next year,” he said.
Davidson is widely seen as crypto-friendly and has previously introduced the "Keep Your Coins" bill which aimed to protect self-custodied crypto wallets from U.S. government control.
A number of bills aimed at regulating stablecoins have been introduced in the U.S., such as the one that was introduced on Feb. 15 this year by U.S. Rep. Josh Gottheimer.
The Director of the Consumer Financial Protection Bureau (CFPB), Rohit Chopra, also reportedly spoke at the event and believes that stablecoins have the potential for widespread adoption, noting:
Chopra added that if stablecoins do see this kind of rapid adoption, they could have a serious impact on global financial stability.
Related: 3AC founders reveal ties to Terra founder, blame overconfidence for collapse
The CFPB director also suggested that Washington may be neglecting other areas of fintech development due to
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