The House Financial Services Committee voted to advance stablecoin legislation Wednesday, approving the STABLE Act with 32 members in favor and 17 opposed.
The bill, formally named the Stablecoin Transparency and Accountability for a Better Ledger Economy Act, would create a framework for dollar-denominated stablecoins, including reserve requirements and anti-money laundering standards.
During the markup session's opening remarks, House Financial Services Committee Chair French Hill stressed how blockchain technology "continues to transform the way money moves."
Hill stated that the bill forms part of their "ongoing efforts" to promote "financial innovation through sound digital asset policy. "
Trump’s Crypto Conflicts Dominate Stablecoin Legislation Debate
A House Financial Services Committee markup of stablecoin legislation appeared to go off course Wednesday, with Democrats spending hours hammering home the same message: They would in principle support the STABLE Act, but see President Donald Trump’s personal involvement in the stablecoin sector as an unacceptable conflict of interest. Multiple Democrats, including a co-sponsor of the STABLE Act itself, offered amendments to the bill on Wednesday that would have prevented the president, his cab...
The vote proceeded despite controversy over President Donald Trump's family's connections to crypto ventures, including their foray into stablecoins with USD1 through World Liberty Financial.
Early in the session, Democrats raised concerns about potential conflicts of interest, suggesting amendments to prevent the president and cabinet members from offering stablecoin products while in office.
Those concerns connect with an earlier statement by Rep. French Hill from Monday that Trump's crypto dealings have made drafting stablecoin legislation "more complicated."
The legislation now faces two more hurdles before becoming law. After the markup, it will be reported out of committee and scheduled for consideration by the House of Representatives.
Senate Stablecoin Bill Passes Out of Committee With Strong Bi-Partisan Support
The U.S. Senate Banking Committee voted in favor of advancing the stablecoin-focused GENIUS Act to a full Senate vote Thursday, with the legislation receiving bipartisan support. The bill passed through committee by a vote of 18-6, with five Senate Democrats joining Republicans to push the bill over the finish line with considerable breathing room. Democrats who voted for the GENIUS Act’s passage include bill cosponsor Angela Alsobrooks (D-MD), as well as Senate Banking Committee members Mark...
Both the House and Senate must align their approaches, with key differences in state versus federal regulation and the treatment of foreign issuers such as Tether.
The GENIUS Act, a separate version from the Senate, will be considered alongside it.
Once the STABLE bill passes the House, it will move to the Senate, where it will undergo a similar process of committee consideration before potentially reaching the Senate floor for a vote.
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.
Wednesday's development marks the committee's second attempt to advance stablecoin legislation. A previous effort in 2023 stalled amid partisan disagreements under the Biden administration.
Edited by Sebastian Sinclair
