Patrick McHenry (RN.C.), the chairman of the US House Financial Services Committee, announced that he will retire at the end of his current term and will not seek re-election. McHenry has been the Republican core negotiator for the stablecoin bill, which is nearing completion in negotiations with Maxine Waters, the senior Democratic representative of the committee from California. Waters said she is still willing to complete the work, and the legislation is widely considered the most likely to be approved and could be successful in the Democratic-controlled Senate.