"I want us to strike a grand bargain on stablecoins and other long overdue bills," Waters said to the committee's chairman, Rep. Patrick McHenry. "I strongly believe we can reach a deal that prioritizes strong protections for our nation's consumers and strong federal oversight." This indicates her commitment to consumer protection while collaborating with fellow legislators for effective stablecoin regulation.
McHenry, who is set to retire at the end of the year, responded that it's his hope "that we can come to terms on stablecoin legislation this Congress," though he noted, "the nature of how we do that is where things get a little tougher and the votes are a little tougher." This acknowledges the complexities and challenges ahead in passing legislation.
"We're running out of time to pass this," Waters said. The urgency she expresses highlights the narrowing window for meaningful legislative action as the congressional session draws to a close.
"Under Chair Gensler, the SEC has become a rogue agency," McHenry said, criticizing the aggressive enforcement actions directed at the crypto industry. His remarks signify a growing rift between lawmakers and the SEC's approach to regulation.
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