Despite the failure of the full U.S. House to vote on a bill his House Financial Services Committee passed previously, U.S. Rep. Patrick McHenry (R-N.C.) remains confident that Congress can produce a stablecoin regulation law before he retires at the end of the year. McHenry has been negotiating stablecoin legislation with members of his party and House Democrats for months, but there has been some resistance from the administration and from the panel's top Democrat, Rep. Maxine Waters (D-Calif.), about the role of the federal government in overseeing stablecoin issuers. While individual U.S. senators have produced legislation that would address stablecoins, both chambers would need to pass a bill that President Joe Biden would then be willing to sign.