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Homepage > News > Business > House committee okays STABLE; Circle’s deal with Coinbase devil A U.S. House of Representatives committee has advanced a stablecoin bill, while USDC-issuer Circle’s initial public offering (IPO) has exposed its unhealthy financial relationship with the Coinbase (NASDAQ: COIN) exchange. On April 2, the House Financial Services Committee held a markup session that succeeded in sending the STABLE Act to the House floor for a vote following a marathon markup session. The vote was 32-17 in favor, with five Democrats joining the Republican-controlled committee’s majority in voting ‘aye.’ Going in, hopes were high that the House committee would follow the lead of the Senate Banking Committee, which last month held its own markup hearing of that chamber’s stablecoin-focused GENIUS Act that approved sending GENIUS to the Senate floor for a vote. The hearing dragged on for nearly 10 hours, thanks in part to Democratic outrage over President Donald Trump and his family announcing plans for their own stablecoin (USD1) last month. One of the hearing’s more striking moments came when Rep. Maxine Waters (D-CA)—who, along with former Rep. Patrick McHenry (R-NC), introduced a stablecoin bill in the previous Congressional session that Waters reintroduced in this session—accused Trump of plotting to use USD1 as the new means of facilitating government payments. According to Waters, “Trump likely wants the entire government to use stablecoins from payments made by the Department of Housing and Urban Development, to Social Security payments, to paying taxes. And which coin do you think Trump would replace the dollar with? His own, of course.” (For the record, the guy writing this suggested as much last month.) Waters continued, saying, “There is nothing stopping President Trump from forcing the American people to use his own stablecoin. USD1 could be the way Americans receive their…

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Filed under: News - @ April 3, 2025 1:27 pm