United States lawmakers are reportedly closing in on passing a long-awaited stablecoin bill after months of trying to reach a deal with House Financial Services Committee Chair Patrick McHenry.

“We’re working on stablecoin; we’re getting very close,” Representative Maxine Waters reportedly told Politico on Feb. 7. “We’re very, very close — very close.”

NEW: Maxine Waters says a deal on stablecoins is “very, very close” according to POLITICO’s @eleanor_mueller 👀

Would be a pretty big win for crypto pic.twitter.com/TfThhsuUr9

— Zack Guzmán (@zGuz) February 7, 2024

Passing a stablecoin law has been a topic of discussion between Democrats and Republicans in recent months. Much debate has revolved around how the Federal Reserve would oversee the stablecoin arena and whether it would write rules regarding the issuance of stablecoins.

“That’s what’s important to me: Our central bank should have the power of oversight, and should have the ability to be at the head of this,” Waters said.

“We worked something out with the feds, and I think it’s OK.”

Waters has been negotiating the matter with House Financial Services Committee Chair Patrick McHenry for over 20 months.

Republicans have worked in good faith with RM Waters for more than 14 months on stablecoin legislation.

Nothing is being rushed.

Unfortunately, Democrats would rather obstruct the Committee than participate in a real debate. pic.twitter.com/8qCQNUvsQj

— Financial Services GOP (@FinancialCmte) July 27, 2023

Circle CEO Jeremy Allaire recently voiced optimism that the U.S. will pass much-needed stablecoin laws in 2024.

“Digital dollars are happening around the world, other governments are regulating dollar digital currencies before the United States. So I think there is a very strong desire to act and assert U.S. leadership and get the right consumer protections involved,” Allair said on Jan. 15 at the World Economic Forum’s annual meeting in Davos, Switzerland.

The Clarity for Payment Stablecoins Act is one of the most notable stablecoin bills that has been introduced into Congress, which was sponsored by McHenry.

Related: Stablecoins pose lower risk than bank deposits, says ex-Fed policy analyst

Water’s comments follow a Feb. 6 hearing held by Janet Yellen, U.S. Secretary of the Treasury, who told lawmakers that Congress needs to take imminent action on cryptocurrency regulation in order to prevent or at least mitigate risks to investors and the broader financial system.

The Treasury Secretary called regulation “critical” for certain areas, such as protecting cryptocurrency wallet holders and overseeing the conduct of stablecoin issuers.

“We’ve identified some gaps where, for consumer investor protection and to address financial stability risk, it would be useful for Congress to take action to fill those gaps.”