Top lawmakers in the U.S. House of Representatives convened to discuss their strategy concerning the stablecoin bill

Efforts to establish regulations for stablecoins in the U.S. Congress are facing significant challenges this year, with passage becoming increasingly unlikely. However, key lawmakers involved in pushing legislation forward recently met with Senate Majority Leader Chuck Schumer in an attempt to advance the agenda, according to a report by Punchbowl News.

McHenry and Waters Meet Schumer to Push Legislation

House Financial Services Committee Chairman Patrick McHenry (R-N.C.) and the committee's senior Democrat, Rep. Maxine Waters (D-Calif.), convened with Schumer on Thursday to discuss advancing legislation. The potential strategy involves linking the stablecoin bill to the reauthorization of Federal Aviation Administration (FAA) funding, as reported by the site.

McHenry's Determination to Pass Legislation

McHenry has consistently expressed optimism about the possibility of passing the stablecoin bill before President Joe Biden's potential signature. Despite his impending retirement from Congress, McHenry prioritizes this legislation, which aims to provide regulatory frameworks for stablecoin issuers. Stablecoins serve various purposes, including offering a stable foundation for trading volatile cryptocurrencies.

Lummis Highlights Schumer's Willingness to Collaborate

Sen. Cynthia Lummis (R-Wyo.), another advocate for digital assets legislation, revealed last month that Schumer showed willingness to collaborate on a stablecoin bill. However, despite bipartisan support in passing the House committee, the legislation faces formidable obstacles.

Challenges Ahead

Passing the legislation through the House could prove challenging due to internal conflicts, particularly among top Republicans. Additionally, the Senate Banking Committee has not shown interest in taking up the proposal, leaving limited options for advancing the bill. It may require intricate legislative maneuvers to attach it to essential bills, such as the FAA spending bill.