Patrick McHenry actually said...

"What we are trying to do here is make this a very straightforward stable product."

"But Dodd-Frank was about de-risking the big banks, and now the President's Working Group contemplates that we are going to add more risk to these institutions."

"I welcome the President's Working Group report that your group put forward to Congress and to the public about recognizing stablecoins."

"We don't have a Federal regulatory regime for stablecoins, and we need it, and I think there is bipartisan understanding of that."