Patrick McHenry still thinks US legislation regulating Tether (USDT), USDC, and other stablecoins is possible.

McHenry has been negotiating a stablecoin bill with members of his own party and House Democrats for months, and when the bill passed his committee, he did so with the support of several Democratic lawmakers. But there has been some resistance from the administration and the panel’s top Democrat, Rep. Maxine Waters (D-Calif.), about the federal government’s role in overseeing stablecoin issuers.