The U.S. House of Representatives voted 34-16 to pass stablecoin legislation during a contentious hearing on Thursday. Although the House Financial Services Committee pushed the bill to a possible vote without bipartisan support, committee chairman Patrick McHenry blamed White House opposition for the impasse.
Any U.S. stablecoin bill would also have to win support in the Democratic-led Senate, so a bill passed only by House Republicans rather than a bipartisan effort may be less likely to influence that other chamber. Patrick McHenry chose to push the bill forward despite the strong opposition of committee Democrats, which may please fellow Republicans but may also hurt its chances of becoming law.
Related: U.S. House Lawmakers Fail to Reach Bipartisan Deal on Stablecoins Legislation