Members of the U.S. House of Representatives will delay consideration of a bipartisan bill to regulate stablecoins until after Congress adjourns in August, according to people familiar with the matter.
The delay may have been because lawmakers were unable to complete work on the draft bill before the committee’s initial vote on Wednesday. That could delay consideration of the package until September, when Congress is expected to end its late summer recess.
Biden administration officials and a group of lawmakers from both parties have expressed concern that current laws do not provide comprehensive standards for new assets, and have warned of potential risks to financial stability posed by stablecoins. The bill marks an important first step in the United States’ efforts to impose stricter rules on an unregulated industry.