"That bill is an infant. It is a baby. It is not necessarily a beautiful baby, but it is our baby, and it is named, 'Maxine McHenry.'"
"Chairman McHenry and I are committed to working across the aisle to pass payment stablecoin legislation."
"It is my goal that our payment stablecoin legislation will provide different ways for issuers to maintain and come into compliance."
"I believe innovation is fostered through choice and competition."
"Recent reports indicate that digital asset developers are leaving the United States to go to countries that have more-established regulatory frameworks for digital assets."
"This bill that we have posted in no way represents any final work."
"They come to any negotiations having made up their minds already."
"I agree with most of our panel that we should move very quickly to establish the stablecoin bill and get that legislation going."
"It is, of course, unfortunate that there was a run on the bank at Signature prompted by what we saw with SVB, but it is not the case that the failure of Signature was related to crypto."
"I cannot help but ask you a few questions about the stablecoins that we are concerned about, which certainly are very important."
"I want to reiterate the urgency for those of us in this room to work together and pass this needed legislation."
"Right now, our financial system is still recovering from the sudden collapse of Silicon Valley Bank and Signature Bank."