According to TechFlow, Maxine Waters, a senior Democratic member of the U.S. House Financial Services Committee, expressed hope that a major agreement on stablecoin legislation could be reached by the end of this year.

Waters and Republican Congressman Patrick McHenry have been working on a stablecoin regulatory framework bill since 2022. Waters emphasized that the new bill should prioritize consumer protection and strong federal supervision, while allowing multiple ways to create stablecoins, but the Federal Reserve needs to play a leading role.

McHenry expressed optimism, but said Congress had limited time to complete legislation by the end of the year. The move could end two years of debate in Washington over stablecoin legislation.