US Senate Committee Advances STABLE Act Bill to Regulate Stablecoins
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The House Financial Services Committee advanced the STABLE Act bill with 32 votes in favor out of 49. The bill faced potential challenges from Donald Trump and family members’ involvement with crypto. The vision of bringing clear regulatory policies for crypto, in particular for stablecoins, has finally become a reality today. Stablecoins are now a step closer to regulation, with 32 votes in favor of the STABLE Act bill. This acts as a significant step forward to regulate the broader crypto industry. The Digital Assets and AI Subcommittee Chairman and the House Financial Services Committee Chairman introduced the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act bill last week. It focuses on creating a clear regulatory framework for dollar-denominated stablecoins. The bill was passed earlier today, receiving 32 votes in favor, while 17 votes were against it. House Financial Services Committee Chairman French Hill introduced the bill, and also urged lawmakers to support it. He believes regulation is essential for digital assets for global competitiveness. Hill further stated, “Blockchain technology continues to transform the way money moves. The fact is, policymakers, regulators, and law enforcement must keep up with these changes.” The STABLE Act Bill Faces Challenges Donald Trump and his family members are actively involved in the crypto industry. His World Liberty Financial (WLFI) announced the launch of a stablecoin USD1 last week. Lawmakers highlighted this and stated that Trump’s memecoin activity and interest in launching a stablecoin made the regulation work complicated. Democrat member Maxine Waters even opposed the bill due to the president’s involvement in crypto. The House Committee has also discussed whether they can allow earning interest on stablecoins, as proposed by Coinbase CEO. After hours of discussions at length, the STABLE Act bill is finally passed. The next step for lawmakers is…
Filed under: News - @ April 3, 2025 9:24 am