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The U.S. House Financial Services Committee approved the STABLE Act, a bill aimed at establishing a comprehensive regulatory framework for stablecoins, in a vote of 32-17 on April 2. Progress towards the U.S.’s first stablecoin regulatory framework is accelerating. The Big One According to journalist Eleanor Terrett, the STABLE Act, short for the Stablecoin Transparency and Accountability for a Better Ledger Economy Act, received bipartisan support in the House Financial Services Committee. Six Democrats joined the majority of Republicans in voting for the bill. Rep. Davidson is the only Republican who voted against the STABLE Act due to the lack of “self-custody language.” The proposed legislation is now heading to the full House for a vote. If passed, it will move to the Senate for consideration before potentially reaching the President’s desk for signature. The STABLE Act joins the Senate’s GENIUS Act, which was also approved by the Senate Banking Committee last month, by a bipartisan vote of 18-6. The bill is awaiting a full Senate vote. If passed, it will proceed to the House for consideration before potentially reaching the President’s desk. In a statement celebrating the milestone, Taylor Barr, Government Affairs and PAC Manager at the Digital Chamber, said that the proposed legislation plays a key role in maintaining America’s position as a leader in the stablecoin ecosystem. Sources in the cryptocurrency lobbying community indicate that efforts are underway to bridge the differences between the STABLE Act and the GENIUS Act to streamline the path to regulation. While the two legislative proposals aim to establish a regulatory framework for stablecoins in the U.S., they currently differ in their specific approaches. Achieving consensus and minimizing these discrepancies between the two bills is crucial to avoid the need for a conference committee. The House Financial Services Committee is also preparing…

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Filed under: News - @ April 4, 2025 2:23 pm