President Donald Trump requested a rapid approval of the Overshecoin bill that the United States Senate recently approved, but one of the key legislators in that effort suggested on Monday that there are details that must still be resolved.
Representative French Hill, the president of the Financial Services Committee of the House of Representatives who acted as the main stage of the Stablecoin debate for years in Congress, was not willing to commit to the president’s request that the legislators of the House of Representatives maintain their pencils away from the Senate’s work. On the other hand, he said that the conversations are underway with the leadership and that there are a number of problems that could be solved between the bill approved by the Senate and the version of the House of Representatives that is still in process.
Trump was clear about his preference last week:
“With luck, the house will move a fast ray and pass an act of ‘clean’ genius,” he published on his social media site, Truth Social. “Get it to my desk, as soon as possible, without delays, without accessories.”
But in comments at the Brookings Institution in Washington, Hill said that he hopes that the two cameras can find a way to obtain both the Stablecoin bill and the possibly more important legislation describing the structure of the US cryptographic markets to the president’s desktop before the August deadline that Trump established. Faced with the repeated questions about what he intends or if he is open to Trump’s request to sign the Senate bill, Hill refused to reveal his intention.
“What I am open is listening to my colleagues,” he said. Hill said he spent last week “taking the temperature of our members in the Chamber on what their favorite approaches are to reach the deadline of President Trump, including the camera leadership. Therefore, that is just a discussion that continues.”
However, when he talked about the differences between the National Innovation Law of National Senate innovation for the United States Establishments (genius), which caused a mass vote of 68-30 last week, and the transparency and responsibility of the house of the Chamber of the Chamber for a better law of liberating economy (stable), Hill described a key number of areas of difference.
“There are some differences: some subtle, something material,” he said. They include Bills’s concepts about the so -called extraterritoriality, or the ability of the United States to extend their legal application outside their borders; on the roles of states and federal agencies in supervision; and on the issue of the separation of banking and commerce raised by allowing corporations to emit Stablecoins.
“The conclusion is that the Senate and the camera can definitely find a common constructive landing, he said. But finding common land would mean making changes to Genius law against Trump’s declared wishes.
“There is a finite amount of time that people can really happen on a subject,” said Rashaan Colbert, director of policies at Crypto Council for Innovation, in a Coindesk interview. “Crypto is taking a long time, a lot of mental energy for legislators, so there is still some work to do to discover if the bills will combine in a process or if they will separate.”
There are three basic options before the camera: pass the A AS-E genius and send it to Trump’s signature; Mix it with the stable act and return the commitment of the language established to the Senate; Or to combine the genius with the stable and throw them with the law of clarity of the digital asset market of the Chamber of Representatives of the Chamber, that is the broader market structure invoice. That last option has been openly discussed by the legislators of the House of Representatives who work in the process, although some in the cryptographic industry fear that a unique and complex bill may be more difficult for the Congress to swallow.
Read more: Trump’s cryptographic ties are still toxic to some Democrats, including one seen as an industry ally
Nikhilesh contributed reports.
