A stablecoin bill is not passing any time soon, Rep. Jim Himes, D-Conn., said during a financial conference on Tuesday.
The bill is “not happening this Congress,” said Himes, who sits on the House Financial Services Committee. The lawmaker made the remarks during CoinDesk’s Investing in Digital Enterprises and Assets Summit.
“It’s probably not happening in early 2023,” Himes said, later noting:
“Four years ago if you said Bitcoin, crypto and DeFi in the halls of Congress, nobody would have known what you were talking about. The progress that has been made in Congress is pretty remarkable.”
Lawmakers on Himes’ committee have been working behind the scenes for months to draft a stablecoin bill. The Biden administration has also taken a closer look at stablecoins in recent months, as demonstrated through a series of digital asset reports it has released over the last two months.