Key House Panel Advances Stablecoin Bill Despite Opposition (1)

A key House panel advanced a bill to regulate crypto stablecoins late Thursday after hours of contentious debate between Republicans and Democrats.

Members of the House Financial Services Committee squabbled throughout a meeting to consider the legislation, which was championed by Patrick McHenry, a Republican from North Carolina who leads the panel. McHenry earlier in the day blamed the Biden administration for derailing a bipartisan deal that he and Maxine Waters, the committee’s top Democrat, had been negotiating.

“A bipartisan deal was within reach,” he said. “We were closer than we’ve ever been. A few small, but nevertheless ...