Source: Cointelegraph Original: "{title}"

On April 3, after 10 hours of debate, the U.S. House Financial Services Committee passed the Stable Act, marking a new era in global stablecoin regulation. This legislation not only sets strict rules for the crypto industry but also sparks political games and conflicts of interest due to the Trump family's deep involvement in stablecoin projects. With the stablecoin market expected to double by 2025, how will the U.S. find a balance between regulation and innovation? Is this legislation a milestone for digital finance or a trigger for rent-seeking behavior?

Core of the Bill: From "Wild Growth" to "Rule Reconstruction"

The core goal of the Stable Act is to establish a federal regulatory framework for U.S. dollar stablecoins, which can be summarized in three points:

After the bill's passage, traditional financial institutions such as JPMorgan Chase, Fidelity, and Citi may accelerate their entry, promoting stablecoins as the core vehicle for a "digital dollar." Circle, the issuer of USDC, is seen as the biggest beneficiary due to its reserve transparency, while Tether (USDT) may face compliance pressure due to its high market share. However, strict entry rules could lead to market centralization, pushing out smaller issuers due to rising operational costs and stifling industry diversity. For example, a complete ban on algorithmic stablecoins could hinder innovative experiments in the DeFi space.

Trump Family Project: The "Eye of the Storm" of Conflicts of Interest On the eve of the bill's passage, the Trump family-supported World Liberty Financial (WLFI) announced the issuance of the USD1 stablecoin, backed by "short-term U.S. Treasury bonds, dollar deposits, and cash equivalents," and has raised over $500 million through token sales. Democratic Congresswoman Maxine Waters sharply criticized it as a "manifestation of greed and corruption," pointing out that Trump is simultaneously pushing for relaxed crypto regulations while engaging in coin issuance, potentially violating the "Emoluments Clause" of the Constitution, which prohibits public officials from receiving economic benefits from foreign or private entities.

WLFI was reported to have purchased $20 million in tokens before Trump's attendance at a crypto summit, with its token price experiencing significant fluctuations due to favorable policies, raising suspicions of market manipulation using insider information. Legal scholars note that if foreign entities invest in USD1 in exchange for policy favors, it could undermine the independence of U.S. financial regulation. More concerning is Trump's promise to make the U.S. a "crypto superpower," which subtly aligns with his family's business interests, intensifying public fears of "regulatory capture."

Democratic Counterattack: Can Regulatory Independence Be Defended? Although the bill received support from six Democratic lawmakers, its core controversy lies in its constraints on the "privileged class." The amendments proposed by Democrats aimed to limit political figures and their affiliated businesses from issuing stablecoins but were not passed. Senator Elizabeth Warren bluntly stated, "President Trump is using the WLFI project to 'line his pockets'; the loopholes in the stablecoin bill could allow cryptocurrencies to become private vaults." Democrats emphasize that allowing banks to issue stablecoins could embed risks at the core of the financial system. The brief decoupling of USDC during the Silicon Valley Bank crisis has exposed the vulnerabilities of stablecoins; if banks issue stablecoins with high leverage, it could lead to a chain collapse reminiscent of the 2008 subprime mortgage crisis. Former Federal Reserve Governor Daniel Tarullo warned, "The bill does not clarify the rescue responsibilities during a crisis, which could ultimately leave taxpayers to foot the bill."

Path to Balance: Innovative Solutions within a Compliance Framework Some companies are exploring technology-driven compliance paths. For example, a decentralized exchange achieves a balance between transaction privacy and anti-money laundering requirements through zero-knowledge proofs (ZKP), allowing users to choose KYC verification, thus meeting regulatory demands while preserving the spirit of decentralization. Compliant stablecoins provide reliable payment tools for real-world asset (RWA) tokenization. Boston Consulting Group predicts that the RWA market will reach $16 trillion, enabling companies to attract global capital through on-chain bonds and real estate tokenization, with stablecoins becoming the "highway" for cross-border settlements. The accelerated U.S. legislation also implies strategic monetary intentions. The EU's MiCA Act has already imposed limits on offshore stablecoins, and China's digital yuan pilot is expanding; if the U.S. fails to lead stablecoin regulations, the dominance of the dollar may be challenged. After the bill's passage, U.S. dollar stablecoins could evolve into a "global digital dollar," solidifying their core position in trade settlements and capital flows.

The passage of the Stable Act represents both a coming-of-age for the crypto industry as it bids farewell to the "gray area" and a microcosm of the political and capital struggle. The Trump family's involvement reveals the risk of regulatory frameworks being distorted by power, while the Democratic resistance highlights the urgency of maintaining financial fairness. In the future, the industry must find a delicate balance between compliance and innovation: on one hand, institutional entry and RWA development will unleash trillions of dollars in potential; on the other hand, excessive centralization could stifle innovative vitality.

Related: Stablecoins are the best way to ensure the dollar's dominance—Web3 CEO

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