EddieJayonCrypto
3 Apr 25
The House Financial Services Committee approved the STABLE Act, a bill focused on regulating dollar-denominated stablecoins, with 32 members in favor and 17 opposed. The legislation aims to establish a framework for stablecoins, including reserve requirements and anti-money laundering standards. Des...
The House Financial Services Committee has approved the STABLE Act, a bill aimed at regulating dollar-denominated stablecoins. The legislation seeks to establish a framework for stablecoins, including reserve requirements and anti-money laundering standards. Despite controversy over President Trump's family's involvement in crypto ventures, the committee proceeded with the vote. The bill now faces further steps, including review by the House of Representatives and the Senate. This marks the committee's second attempt to advance stablecoin legislation after a previous effort stalled in 2023.
The bill, formally named the Stablecoin Transparency and Accountability for a Better Ledger Economy Act, was approved with 32 members in favor and 17 opposed. During the markup session, House Financial Services Committee Chair French Hill emphasized the transformative impact of blockchain technology on financial transactions. The legislation faces challenges in reconciling differences between House and Senate versions, including the treatment of foreign issuers such as Tether. The GENIUS Act, a separate version from the Senate, will be considered alongside it.
If both chambers approve the bill, any differences between the House and Senate versions would need to be reconciled before the final legislation could be sent to the President for signature or veto. The committee's previous attempt in 2023 stalled amid partisan disagreements under the Biden administration.