The U.S. House Financial Services Committee has advanced a significant step in regulating stablecoins with the passage of the STABLE Act, a move gaining bipartisan support but facing controversy over potential conflicts of interest linked to former President Donald Trump. While the bill garnered 32-17 votes to establish a framework for dollar-backed stablecoins with reserve requirements and anti-money laundering standards, Democrats are raising concerns about its potential impact on a stablecoin launched by Trump’s affiliated firm, World Liberty Financial (WLFI). 🤔 They argue that Trump’s history of investments in NFTs and memecoins like TRUMP could create financial conflicts.