House Votes to Advance Stablecoin Transparency Act

On Wednesday, the House Financial Services Committee took a significant step towards regulating the stablecoin market by voting to advance the STABLE Act. This bill aims to enhance clarity and structure for the industry, requiring issuers of dollar-pegged stablecoins like USDT and USDC to disclose backing and maintain adequate reserves. 32 members supported the bill while 17 opposed its passage.