Earlier today reports began to emerge that Senate Leader Schumer has a play in mind to force through Stablecoin Legislation and boy is it a doozy. One of his aides leaked to reporters that in a recent meeting, he announced his support to attach the Stablecoin Legislation to the FAA Reauthorization Legislation. This is a big deal for a few reasons.
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Since he has released no bill text there is a chance and more than likely is the case that this legislation will not be the legislation that Chairman McHenry and Ranking Member Waters have been working to agree on. When placed on a scale between crypto acceptance and Elizabeth Warren Schumer leans much more towards Warren than he does to loving crypto though it should be noted he is not outright against it.
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This would essentially make the negotiations that have gone on for years now between Chairman McHenry and Ranking Member Water's and the Administration go right down the tube.
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By attaching it to the FAA Reauthorization Schumer would force the House's hand in letting the FAA Reauthorization lapse (a huge issue in itself) or agree to whatever Stablecoin Legislation he is proposing.
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There is no bill text available for this. That is a huge red flag in itself because we have not seen the Senate do much in this area so the fact that they are lacking text heavily hints at the sad fact that this will likely be some rushed and crappy legislation that honestly might not even work.
The FAA Reauth Legislation needs to be passed by both the Senate and the House and to the President's desk by May 9th as funding for the FAA runs out on the 10th.