U.S. House Approves Stablecoin Regulation Bill Amidst Political Scrutiny

The U.S. House Financial Services Committee has passed the Republican-led Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, paving the way for a full House vote. The bill, aimed at regulating payment stablecoins, passed with a 32-17 vote on April 2, with six Democrats joining Republicans in support. Introduced by committee Chair French Hill and Digital Assets Subcommittee Chair Bryan Steil, the legislation was reportedly informed by input from stablecoin giant Tether. If approved, it would require issuers of stablecoins to disclose how they are backed, promoting transparency within the industry.