There is a small chance the U.S. House of Representatives could pass the bill to regulate stablecoins by year-end, though it’s more likely it will pass in the first quarter of 2023, says U.S. Congressman Warren Davidson.
According to a Thursday report from Kitco, Davidson made the remarks at the Annual Fintech Policy Forum on Sept. 22, where he suggested:
“There’s an outside chance we find a way to get to consensus on a stablecoin bill this year.”
The “stablecoin bill” seemingly refers to draft legislation aimed at “endogenously collateralized stablecoins” which came to light this week — and would place a two-year ban on new algorithmic stablecoins such as TerraUSD Classic (USTC).
However, Davidson went on to say that while “there’s a chance we get to yes on stablecoins this year,” it’s something that can be achieved by the first quarter of 2023.
“If we don’t, it’s something that I think we