Congressman Patrick McHenry expressed confidence that Congress can pass a law regulating stablecoin issuers before the end of the year. Despite the challenges posed by the current political climate and the delay in a full House vote on a previous bill, McHenry remains optimistic.

During an event at the Bitcoin Policy Institute, McHenry reiterated his belief that bipartisan cooperation can lead to the enactment of stablecoin regulation. While individual senators have proposed legislation addressing stablecoins, the Senate Banking Committee has yet to take action. Both the House and Senate would need to pass a bill for President Joe Biden to sign.

McHenry has been in talks with members of his party and House Democrats to draft stablecoin legislation, garnering support from both sides. However, there has been pushback from the administration and Rep. Maxine Waters regarding federal oversight of stablecoin issuers.

While lawmakers view regulating stablecoins as a manageable task compared to other aspects of the crypto sector, progress has been slow due to the challenges of a divided Congress.