Stablecoin Regulation Bill Approved by House Committee
Date: 2025-04-03 Author: Oliver Abernathy Categories: IN WORLD
The US House Financial Services Committee has approved the STABLE Act with a 32-17 vote. The bill, sponsored by Representatives French Hill and Bryan Steil, would establish standards for stablecoin issuance, reserve collateral, and anti-money laundering measures.
Hill stressed that regulation is necessary to keep the US competitive. Efforts to pass a similar bill in 2023 have failed due to partisan differences and criticism from the Biden administration.
The hearings sparked controversy over foreign issuers like Tether and Donald Trump’s involvement in the cryptocurrency industry. Maxine Waters spoke out against the bill, saying it sets a dangerous precedent by allowing political insiders to influence financial regulations.
The Senate is taking a tougher approach: the GENIUS Act would ban new foreign issuers from entering the U.S. market, but would allow existing tokens to circulate on secondary markets.
Circle Chief Strategy Officer Dante Disparte has backed the STABLE Act, emphasizing its importance in strengthening the U.S. position in the digital economy. Circle filed for an IPO the day before the vote.
Jerome Powell reiterated his support for the Federal Reserve in developing a regulatory framework for stablecoins, focusing on consumer protection.
