A bipartisan bill that would provide regulations for stablecoins will not pass United States Congress before September, The Wall Street Journal reported on Monday, citing unnamed sources with knowledge of lawmakers' plans.
The two leading members of the House of Representatives Financial Services Committee, Chair Maxine Waters of the Democratic Party and the panel's top Republican, Patrick McHenry, did not manage to finish the draft bill despite a committee vote being planned for this Wednesday, according to the report.
Last month, Federal Reserve Chair Jerome Powell said that stablecoins should be regulated at the federal level, while Treasury Secretary Janet Yellen noted in May that the administration is considering a "framework" on stablecoins.
