United States House Financial Services Committee Chair Patrick McHenry has pointed a finger at the Biden administration for the lack of bipartisan agreement on a stablecoin bill.
In a July 27 hearing, Representative McHenry said the version of the Clarity for Payment Stablecoins Act, H.R. 4766, being considered for markup was not based on negotiations between himself and ranking member Maxine Waters. He added that though the committee was “closer than [they]’ve ever been” on a bipartisan solution, the White House did not “share that same sense of urgency” as lawmakers.
“A few small, but nonetheless important, provisions stood between us and a deal,” said McHenry. “It was the White House’s unwillingness to compromise that has once again brought that negotiation to a halt.”
The stablecoin bill was one of many pieces of crypto-related legislation in the House committee. On July 26, lawmakers moved two key bills through that were aimed at providing regulatory clarity to crypto firms: the Financial Innovation and Technology for the 21st Century Act and the Blockchain Regulatory Certainty Act.
Representative Waters placed the blame for the lack of bipartisan agreement on the stablecoin bill on the “impatience of Republican leadership,” claiming the legislation was “a race to the bottom” with limited oversight over licensing and potential conflicts between approaches by U.S. state regulators and those at the federal level.
“Important legislation takes time,” said Waters. “The chair is impatient and has decidedly to abruptly end our negotiations and move forward with the bill that is deeply problematic. […] Under this framework, Amazon, Walmart, Facebook can create their own stablecoins or even be affiliated with a stablecoin issuer.”
“The Fed do not support the bill, Treasury does not support the bill, and we don’t have the support of those who asked us to get involved with a stablecoin bill to begin with.”
At the time of publication, it was unclear whether H.R. 4766 had the votes for passage through the committee. Lawmakers are also expected to discuss the Keep Your Coins Act introduced by Representative Warren Davidson, a bill aimed at preventing U.S. government agencies from exercising certain authority over individuals’ self-custodied crypto wallets.
Canterbury MP Rosie Duffield has resigned from the Labour Party.
The 53-year-old MP is the first to jump ship since the general election and in her resignation letter criticised the prime minister for accepting thousands of pounds worth of gifts.
She told Sir Keir Starmer the reason for leaving now is “the programme of policies you seem determined to stick to”, despite their unpopularity with the electorate and MPs.
In her letter she accused the prime minister and his top team of “sleaze, nepotism and apparent avarice” which are “off the scale”.
“I’m so ashamed of what you and your inner circle have done to tarnish and humiliate our once proud party,” she said.
Since December 2019, the prime minister received £107,145 in gifts, benefits, and hospitality – a specific category in parliament’s register of MPs’ interests.
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Ms Duffield, who has previously clashed with the prime minister on gender issues, attacked the government for pursuing “cruel and unnecessary” policies as she resigned the Labour whip.
She criticised the decision to keep the two-child benefit cap and means-test the winter fuel payment, and accused the prime minister of “hypocrisy” over his acceptance of free gifts from donors.
“Since the change of government in July, the revelations of hypocrisy have been staggering and increasingly outrageous,” she said.
“I cannot put into words how angry I and my colleagues are at your total lack of understanding about how you have made us all appear.”
Ms Duffield also mentioned the recent “treatment of Diane Abbott”, who said she thought she had been barred from standing by Labour ahead of the general election, before Sir Keir said she would be allowed to defend her Hackney North and Stoke Newington seat for the party.
Her relationship with the Labour leadership has long been strained and her decision to quit the party comes after seven other Labour MPs were suspended for rebelling by voting for a motion calling for the two-child benefit cap to be abolished.
“Someone with far-above-average wealth choosing to keep the Conservatives’ two-child limit to benefit payments which entrenches children in poverty, while inexplicably accepting expensive personal gifts of designer suits and glasses costing more than most of those people can grasp – this is entirely undeserving of holding the title of Labour prime minister,” she said.
Ms Duffield said she will continue to represent her constituents as an independent MP, “guided by my core Labour values”.