On Wednesday, April 3, the House Financial Services Committee voted to advance the STABLE Act, which provides clarity and structure to the stablecoin market.
H.R. 2392, the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act of 2025 passed Committee 32-17. pic.twitter.com/pvzTOfTTr1
— Financial Services GOP (@FinancialCmte) April 3, 2025
The bill passed with 32 members in favour and 17 opposed, moving it one step closer to a full House vote. This bill, supported by Republican lawmakers, focuses on stablecoins such as USDT and USDC, which are pegged to the US dollar.
Introduced by Financial Services Committee Chairman French Hill and Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee Chairman Bryan Steil, the STABLE Act lays out a comprehensive regulatory framework for payment stablecoins. The proposed legislation outlines explicit guidelines for how issuers should operate, emphasizing ensuring that dollar-equivalent assets adequately back their tokens.
The STABLE Act focuses on consumer protection and transparency in digital finance by requiring stablecoin issuers to disclose their backing and maintain sufficient reserves. It aims to bolster the US dollar’s role in digital transactions, modernize payment infrastructure for faster and cheaper transactions, and support innovation in the sector. Congressman Dan Meuser highlighted that the bill would reinforce the US dollar as the world’s reserve currency and align with President Trump’s vision of making America the crypto capital. Overall, the STABLE Act seeks to create a secure, dollar-backed system for stablecoins that benefits businesses and consumers.
The STABLE Act, led by @RepFrenchHill and @RepBryanSteil, reinforces the U.S. dollar’s status as the world’s reserve currency by ensuring stablecoins operate within a secure, dollar-backed framework, in America. It will make payments faster, cheaper, and more accessible, reducing… pic.twitter.com/1LuN6EpDZn
— Congressman Dan Meuser (@RepMeuser) April 2, 2025
Supporting the sentiment, Congressman Troy Downing noted that the legislation would allow innovation to thrive in the US while upholding crucial consumer protections.
“This legislation will allow for innovation to continue to thrive in the U.S. while maintaining important consumer protections.”
My remarks in support of @RepBryanSteil‘s STABLE Act 👇 pic.twitter.com/YqVXrZwysi
— Congressman Troy Downing (@RepTroyDowning) April 2, 2025
As Congress moves forward with the STABLE Act, it also considers the GENIUS Act, introduced by Senator Bill Hagerty. This bill, which recently passed the Senate Banking Committee with an 18-6 vote, outlines additional federal requirements for stablecoin issuers, including mandates for reserves, audits, transparency, and licensing. Together, these legislative efforts represent a significant push toward establishing a clearer regulatory framework for the growing stablecoin market.
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