The recent passing of the much-debated stablecoin bill in the House Financial Services Committee brought into stark focus the political chasm festering in Washington, as reported in a recent Fortune Crypto newsletter. A spectacle of political polarity seen in a bill that was on the cusp of garnering bipartisan support post the negotiation commotion between Republicans and Democrats earlier this year.
The canvas of this political drama was painted with votes of Republican representatives and a mere quintet of Democrats. Despite the committee’s acceptance, a lens of criticism still remains focused on the bill. Leo Schwatz – a correspondent at Fortune Crypto – deems it more of a ‘failure’ than a victory, attributing the failure to the disintegration of unity between Republicans and Democrats.
Last year, a fraternity was inches close to being formed between Democratic representative Maxine Waters and Republican representative Patrick McHenry to finalize a deal on the bill. Waters’ frustration vis-a-vis the bill, however, was flashed as mere political posturing by onlookers, when McHenry independently proceeded with a Republican-centric version earlier this session. Schwatz refers to this incident as an evidence of the bill’s failure.
April saw Waters expressing her discontent with the bill’s journey, indicating turbulence in her collaborative ventures with McHenry on the same. She uttered, “a lot of things have happened in between,” implying a fresh start to work on the bill was required.
Brendan Pedersen, a reporter who live covered the discussion and voting in the committee, had likened the experience to witnessing a dream unravel. He found the act of watching the months of silently built rapport between McHenry and Waters dissipate within the span of a few hours, surreal.
The changes in the political climate and the intricate dance of power in Washington reflect deeply on the fate of the stablecoin bill. It stands as a glaring representation of the failure of political unity despite proximity to achieving bipartisan support. Trapped in crossfire between political manoeuvrers, even well-intentioned pieces of legislation can teeter on the brink of oblivion.
Source: Cryptonews
