President Donald Trump called for a fast representative house passed by StableCoin-Oversight Bill, the US Senate, which was recently approved, but one of the most important legislators in this effort suggested on Monday that there are details that still need to be prepared.
Representative French Hill, chairman of the House Financial Services Committee, which has served as the primary phase of the stableecoin debate for years in Congress, was unwilling to commit to the president’s request for domestic legislators to keep their pencils away from the Senate’s work. Instead, he said there are talks with management and that there are a number of questions that can expire between the Senate’s approved bill and the house version, which is still the I-process.
Trump was aware of his preference last week:
“Hopefully the house will move lightning quickly and adopt a ‘pure’ brilliant action,” he published on his social media place, truth social. “Get it to my desk, ASAP – no delays, no additions.”
But in comments at the Brookings institution in Washington, Hill said he hopes the two chambers can find a way to get both stablecoin draft drafting and the no doubt more important legislation describing the structure of US crypto markets to the president’s desk at the August period set by Trump. In light of repeated questions about what he intends or whether he is open to Trump’s request to sign on the Senate proposal, Hill refused to reveal his intention.
“What I’m open to is listening to my colleagues,” he said. Hill said he spent last week “taking the temperature of our members in parliament about what their preferred approaches are to hit President Trump’s deadline, including house management. So it’s just discussion that continues.”
But when he talked about the differences between the Senate’s guidance and the establishment of the National Innovation for American StableCecoins (Genius) Act, which pulled a massive 68-30 vote last week, and the house’s stablecoin transparency and accountability for a better headbox economy (stable) action, sketched Hill a number of key areas for difference.
“There are some differences – something subtle, some material,” he said. They include Bills’ concepts of so -called extraterritoriality or the US ability to expand its legal enforcement outside its borders; about the roles of states and federal agencies in supervision; And on the subject of bank separation and trade that has been raised by potentially allowing businesses to issue stablecoins.
“The main points are that the Senate and Parliament can certainly find a common constructive landing place,” he said. But finding a common reason would mean making changes to the brilliant action against Trump’s declared desires.
“There is a limited time that people can really spend on a question,” said Rashan Colbert, political director of Crypto Council for Innovation, in a Coindesk interview. “Crypto takes a lot of time, a lot of mental energy for legislators, and therefore there is still some work that needs to be done to find out if the bills will be combined in a process or whether they will be separated.”
There are three basic options before the house: Pass Genius AS-IS and send it to Trump’s signature; Mix it up with the stable action and send the compromise stableCOin language back to the Senate; Or to combine genius with stable and throw them together with the house’s digital asset market clarity law, which is the wider bill for the market structure. The latter possibility has been openly discussed by landlords working on the process, though some in the crypto industry fear that a single, complex bill could be more difficult for Congress to swallow.
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Nikhilesh they contributed reporting.
