The US can approve the stablecoin bill it has been working on for years before the end of the year.
US Senators Patrick McHenry and Cynthia Lummis spoke about the stablecoin law. The senators, suggesting that it is possible for Congress to approve a stablecoin bill this year, avoided giving a clear date.
However, the senators noted that the presidential elections in November posed a major obstacle to the stablecoin law and implied that approval might be delayed until after the elections.
The bill is being shaped by a fierce battle between Democrats and Republicans. Nevertheless, for the bill, which has received preliminary approval, to take effect, it will only need one final approval and be approved by the President of the US.
While Senators Patrick McHenry and Cynthia Lummis believe that the stablecoin bill will be approved within this year, not everyone shares the same view. Vice President of Policy at the US Chamber of Digital Commerce, Cody Carbone, stated that there are many dynamics specific to this bill and that the process could be more challenging than expected.
