Washington Stablecoin Adoption regulation Washington

Rep. Warren Davidson: Stablecoin bill has 'outside chance' of finalizing this year

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cointelegraph.com

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: 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 can get to with a Republican majority in Q1 next year,” he said.

Davidson is widely seen as crypto-friendly and has previously introduced the "Keep Your Coins" bill which aimed to protect self-custodied crypto wallets from U.S.

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