House Republicans have some work to do if they want their stablecoin bill to pass, Hill insiders say, but both parties seem inclined to leave the SEC out. 

The current draft, which was revamped earlier this week, doesn’t have much chance of making it to the floor, people familiar with the matter said. 

Democrats and Republicans appear to agree somewhat on keeping the SEC out of stablecoin regulation. Both the new draft bill and former draft based on bipartisan negotiations have the Federal Reserve listed as the applicable regulator, according to Congressional documents obtained by Blockworks.