The House Financial Services Committee voted on Wednesday to advance the Stablecoin Transparency and Accountability for a Better Ledger Economy Act, also known as the STABLE Act.
The House Financial Services Committee voted on Wednesday to advance the Stablecoin Transparency and Accountability for a Better Ledger Economy Act, also known as the STABLE Act. The legislation received overwhelming support, with a vote tally of 32 in favor and 17 opposed.
The STABLE Act aims to establish a regulatory framework for dollar-denominated stablecoins, addressing key issues such as reserve requirements and Anti-Money Laundering standards.
During the markup session, Committee Chair French Hill emphasized the transformative potential of blockchain technology in the financial sector, noting that the bill aligns with ongoing efforts to foster innovation in digital assets.
Despite the broad bipartisan support for the legislation, concerns have been raised regarding potential conflicts of interest linked to President Donald Trump's family's involvement in cryptocurrency ventures. Democrats on the committee highlighted these issues, proposing amendments to prevent the president and cabinet members from offering stablecoin products while in office.
Hill acknowledged that the complexities surrounding Trump's crypto dealings have made the legislative process more challenging.
Following the committee's approval, the STABLE Act will move to the House of Representatives for consideration. The bill will face additional hurdles, including alignment with the Senate's approach, particularly regarding state versus federal regulation and the treatment of foreign issuers like Tether. The Senate is considering a separate version of the legislation known as the GENIUS Act.
This marks the committee’s second attempt to advance stablecoin legislation, following a previous effort in 2023 that stalled amid partisan disagreements.
If both the House and Senate pass their respective versions, any discrepancies will need to be reconciled before the final legislation can be sent to the President for approval or veto.
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