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US Stablecoin Bill Delayed by Congressional Committee Until After August
The head of an influential House panel said negotiations on the measure won't take place until after the summer recess.
Updated May 11, 2023, 5:11 p.m. Published Jul 27, 2022, 10:17 p.m.
The legislation that could establish U.S. regulations for stablecoins has formally been delayed until after the August congressional break, according to Rep. Maxine Waters (D-Calif.), the chairwoman of the House Financial Services Committee.
“Although the Ranking Member [Rep. Patrick McHenry], Secretary [Janet] Yellen and I have made considerable progress towards an agreement on the legislation, we are unfortunately not there yet, and will therefore continue our negotiations over the August recess,” Waters said in a statement. “I look forward to coming to an agreement in the near future and marking up bipartisan legislation when we return.”
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The bipartisan effort, in which the panel’s ranking Republican, Rep. McHenry (R-N.C.) has also had a leading role, was already delayed this week after Treasury Secretary Yellen insisted the legislation include further protections for crypto investors, people familiar with the negotiations have said.
The Treasury Department won’t endorse the bill unless it also ensures that the industry exchanges keep customer money separate from the companies’ assets, which would protect them if the firms fail, the people said.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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CFTC's acting chief Pham poised to go to crypto firm MoonPay once Mike Selig lands
The leader of the derivatives regulator is planning to join the crypto industry as the CFTC and other federal regulators work on policies to benefit the sector.
What to know:
- Commodity Futures Trading Commission Acting Chairman Caroline Pham confirmed again that she's heading to crypto firm MoonPay when the Senate confirms her replacement and he's sworn in.
- President Donald Trump's CFTC chair nominee Mike Selig was set for a Senate vote Wednesday evening, according to that chamber's schedule.
- Selig, currently an SEC official, would arrive at the CFTC just as several of Pham's crypto initiatives have gone live.
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