According to a recent report from Bloomberg, the top Republican lawmaker is open to combining stablecoin regulations with rules for marijuana banking – if the two parties can reach a consensus.
Rep. French Hill, who chairs the House subcommittee overseeing digital assets, signalled he’d vote for a legislative package marrying the two seemingly unrelated issues.
“I would vote for it if it were coupled,” Hill stated bluntly in an interview on Bloomberg TV. “I have supported the SAFE Banking Act for nine years…which would allow cannabis dealers in states where it’s legal to have access to the banking system.”
The Arkansas Republican argues it’s “easier to catch bad actors” when marijuana businesses can use banks. He says Congress is nearing a bipartisan deal on stablecoin oversight as well.
His Democratic counterpart, Rep. Maxine Waters, agrees progress has been made towards passing stablecoin legislation. There’s even been talk of attaching it to an upcoming aviation bill to get it through Congress.
The issue took an interesting turn this week when court documents showed the Justice Department does not view the USDC stablecoin as a security – potentially undermining the SEC’s courtroom battles with crypto firms like Binance over that very question.
With stablecoins facing existential threats and cannabis companies shut out of banks, piggybacking sensitive bills could be the compromise that unlocks progress on both fronts.
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