US House Financial Services Committee votes to pass stablecoin regulation bill

According to The Block, the US House Financial Services Committee voted on Wednesday to pass a major bill regulating stablecoins. The bill, titled 'Stablecoins Transparency and Accountability for a Better Ledger Economy' (STABLE), was passed by the committee on Wednesday with 32 votes in favor and 17 votes against. This bill will create a framework for stablecoins denominated in US dollars. The bill stipulates reserve and capital requirements, including one-on-one reserve support and anti money laundering standards. This is another attempt by the House committee to push forward the stablecoin regulation bill. In 2023, the committee passed this legislation, but due to criticism from Republicans that the White House under the Biden administration is responsible for it, negotiations have stalled and the possibility of the bill becoming law has been questioned. On Wednesday, multiple amendments were discussed, with a focus on Trump's relationship with cryptocurrencies, bailout plans, and foreign issuers. However, the Senate and the House of Representatives must reach a consensus on their respective bills. There are differences in how both parties regulate issuers at the state and federal levels. In addition, there are differences between the two sides on how to regulate foreign issuers such as Tether. As for the next steps, a Republican aide familiar with the bill's text stated at last week's press conference that lawmakers may now decide to push for legislation to regulate the entire cryptocurrency industry. The House Financial Services Committee plans to hold a hearing next week on a market structure bill.