PANews reported on April 3 that according to The Block, the U.S. House of Representatives Financial Services Committee voted on Wednesday to pass a major bill to regulate stablecoins. The bill, called "Stablecoin Transparency and Accountability for a Better Ledger Economy" (STABLE for short), was passed by the committee on Wednesday with 32 votes in favor and 17 votes against. The bill will create a framework for stablecoins denominated in U.S. dollars. The bill sets out reserve and capital requirements, including one-to-one reserve support and anti-money laundering standards. This is another attempt by the House Committee to advance a stablecoin regulatory bill. In 2023, the committee passed the legislation, but negotiations were deadlocked as Republicans criticized the White House under the Biden administration for being responsible, and the possibility of the bill becoming law was questioned.
Several amendments were discussed on Wednesday, focusing on Trump's relationship with cryptocurrencies, bailouts, and foreign issuers. However, the Senate and the House must reach a consensus on their respective bills. The two sides differ on how issuers should be regulated at the state and federal levels. In addition, the two sides also disagree on how to regulate foreign issuers such as Tether. As for the next steps, a Republican aide familiar with the text of the bill said at a press conference last week that lawmakers may now decide to move forward with legislation to regulate the entire cryptocurrency industry. The House Financial Services Committee plans to hold a hearing on a market structure bill next week.
