Rep. Jim Himes (D-Conn.) shattered the notion that a stablecoin bill might pass before the current term ends in January. The House Financial Services Committee has been working for months to create updated regulations for stablecoins.
Rep. Jim Himes (D-Conn.) said Tuesday that a stablecoin bill will not be passed anytime soon during a financial conference.
Himes, who is a member of the House Financial Services Committee, stated that the bill “is not happening this Congress” because of the upcoming elections. The remarks were made at CoinDesk’s Investing In Digital Enterprises and Assets Summit.
Himes stated, “It’s likely not happening before 2023,” adding:
Four years ago, if you had said Bitcoin, crypto, and DeFi in Congress, no one would have known what you were talking about.” It is amazing to see the progress made by Congress.
Himes’ committee has been working behind-the-scenes for several months to draft a stablecoin law. As evidenced by a series of digital asset reports, the Biden administration has taken a more detailed look at stablecoins over recent months.
The congressman said that the stablecoin bill was “record-breaking” given the current partisan split.
He also claimed that regulators are likely “stretched” to follow the law and that Congress should be serious about updating statutes to allow them to do their job.
He stated that if regulators do not continue doing what they are doing now, which is extrapolating or regulating according to analogy, then there will be court challenges.”
Himes stated that the Senate bill regarding crypto regulation was authored by Sens. Kirsten Gillibrand is “getting momentum” with Cynthia Lummis
Lummis stated last week the bill could be on President Joe Biden’s desk for his signature within the next six-months.
Himes stated that he believes there is likely a market for a digital currency that can be used by central banks.
The Fed published earlier this year a report outlining the pros and cons for a central bank digital currency. But, last month, Federal Reserve Chair Jerome Powell stated that it wouldn’t happen in the near future .