According to PANews, Patrick McHenry, the Chairman of the House Financial Services Committee, and Maxine Waters, a senior Democrat on the committee, met with Senate Majority Leader Chuck Schumer to discuss the next steps for stablecoin legislation. Despite the decreasing likelihood of stablecoin legislation being passed this year, McHenry has repeatedly stated that the stablecoin bill he leads could still be passed and signed into law by President Biden. McHenry, who is set to retire from Congress this year, has made stablecoin legislation a priority.