Digital dollar(s) under study. The United States are making great strides towards dollar digital and it’s now to the legislative power to him provide a regulatory framework. But the stablecoins and cryptos have become a highly polemical political object that polarizes debate and leaves no one indifferent.
Thus, during a debate on a bill concerning these famous stablecoins, Democrats and Republicans happily squabbled under the not at all neutral gaze of the White House who is said to have discreetly scuttled the project. As the American elections of 2024 approach and Bitcoin is one of the campaign themesA look back at a few nearly historic hours in American democratic life.
Stablecoin bill at center of heated debate…
On the night of Thursday July 27 in Washington, the U.S. House Financial Services Committee discusseda federal bill on stablecoins. Supported by Patrick McHenryRepublican Congressman from North Carolina and chairman of the committee, the bill contemplated the following:
« To require the Federal Reserve Board to write requirements for the issuance of stablecoins while preserving the authority of state regulators. »
This important power of the Fed was expressly demanded by the Democrats, who feared leaving too much power to the states. But just as the Committee was on the verge of reaching a bipartisan agreement with some Democrats prepared to vote the project, it would appear that other deputies sabotaged the agreement, with the discreet blessing of the Oval Office. Patrick McHenry discolored not :
« We had high hopes 48 hours ago of reaching a conclusion, then the White House saw where we were and expressed its disagreement. »
…between Democrats, Republicans and the White House!
Among those behind the slingshot were. Maxine WatersDemocratic Congresswoman for Florida and main opponent of the Republican bill. For her, nothing goes her Republican colleague’s proposal and the whole copy needs to be revised:
« The bill is deeply problematic and bad for America because it promotes a race to the bottom by creating 58 different licenses that will allow issuers to include a wide range of assets in their pool but more importantly it will allow large corporations such as Meta or Walmart to issue silver. »
For this MP it is urgent to do nothing and she urges her colleagues to take their time on such matters. She therefore voted against the project and put an end to hopes of an agreement bipartisan. The bill will therefore have to be put to a vote before the deputies of the House of Representatives where the Republicans have the majority. But then, the parliamentary shuttle will send the project to the House of Representatives. Senate where it’s the Democrats who have the upper hand, and that’s going to be more complicated.
One last hope for Patrick McHenry to reach an agreement and it came from the Democratic camp where Stephen LynchCongressman from Massachusetts, suggested that the Republicans resume their work and propose a new version of the text in September, after the summer recess. An opportunity for the Democrats to amend the draft and be heard. But above all, for the White House and the SEC to continue to put the brakes on to prevent any too rapid progress on the subject.
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