TLDR
- With a tally of 32-17, the STABLE Act got the green light from the U.S. House Financial Services Committee.
- The legislation proposes a detailed framework for stablecoins such as USDT and USDC.
- Even amidst concerns over Trump’s connections, six Democrats sided with Republicans to support the bill.
- The Senate has its version, the GENIUS Act, which has also seen bipartisan backing.
- Major banks, including Bank of America, are eyeing stablecoins amid clearer regulations.
In a significant move towards stablecoin regulation, the STABLE Act was pushed through the House Financial Services Committee by a 32-17 majority after extensive debate.
Named the Stablecoin Transparency and Accountability for a Better Ledger Economy Act, the STABLE Act seeks to lay down clear standards for stablecoins tethered to the USD.
Formalized as H.R. 2392, the STABLE Act received committee approval with a 32-17 vote. pic.twitter.com/pvzTOfTTr1
— Financial Services GOP (@FinancialCmte) April 3, 2025
Committee leaders, Rep. French Hill and Rep. Bryan Steil, announced the bill's progress, emphasizing blockchain’s pivotal role in altering monetary transactions.
This bill is a step towards supporting digital asset innovation with a balance between new tech and consumer safety.
Tensions brew over Trump-related blockchain ventures.
Trump’s recent crypto ventures were the backdrop as the STABLE Act vote advanced, amid bipartisan deliberation.
During discussions, some Democrats voiced concerns over possible conflicts of interest tied to the President's family’s crypto dealings.
Rep. Maxine Waters opposed the bill, arguing it paves the way for Trump-associated stablecoins in official payments.
Rep. French Hill recognized the complexities added by Trump’s crypto activities but noted the bipartisan push forward.
Path to Becoming Law
Though approved by the committee, the bill faces more steps before it could be enacted into law.
The Senate's GENIUS Act, supporting national stablecoin innovation, moved ahead with a strong 18-6 committee vote.
Backed by five Democrats alongside Republicans, including notable figures like Angela Alsobrooks.
Both legislative houses are tasked with ironing out pivotal differences, especially on regulatory scopes.
According to sources like Eleanor Terrett, efforts are underway to synchronize the House and Senate bills to sidestep extended reconciliations.
🚨UPDATE: Key stablecoin bills, GENIUS Act and STABLE Act, have cleared respective committees.
So now what?
While awaiting floor debates and votes, crypto insiders foresee strategic lobbying to streamline progress. https://t.co/Paa8gmlNq1
— Eleanor Terrett (@EleanorTerrett) April 3, 2025
Banks Join the Stablecoin Movement
As regulatory frameworks are established, US banks like Bank of America show increased interest in launching stablecoins.
In a breakthrough, Custodia Bank and Vantage Bank rolled out the first U.S. bank-backed stablecoin on a decentralized blockchain.
International financial institutions and tech firms are also jumping into the stablecoin arena, with players like PayPal and Revolut engaging.
The STABLE Act intends to solidify U.S. leadership in the digital economy and evolve payment systems via stablecoins.
Congressman Dan Meuser emphasized the STABLE Act's role in preserving the global standing of the U.S. dollar.
Meuser highlighted the anticipated efficiency and affordability improvements for financial transactions.
The STABLE Act, led by @RepFrenchHill and @RepBryanSteil The act reinforces the dollar’s dominance by aligning stablecoins with the secure U.S. financial framework, promising economic advantages. pic.twitter.com/1LuN6EpDZn
— Congressman Dan Meuser (@RepMeuser) April 2, 2025
President Trump previously acknowledged the strategic importance of stablecoins in bolstering the U.S. economy.
Amidst market fluctuations due to new tariff plans, the stablecoin legislation emerges as a rare bipartisan success.
