The US House Financial Services Committee has approved the framework bill STABLE Act for regulating “stablecoins,” which will now proceed to a vote in Congress.
H.R. 2392, the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act of 2025 passed Committee 32-17. pic.twitter.com/pvzTOfTTr1
— Financial Services GOP (@FinancialCmte) April 3, 2025
The document was approved with 32 votes in favor and 17 against. The authors gained support from six Democrats after “significant improvements” in areas such as consumer protection.
Introduced by Committee Chairman French Hill and Digital Assets Subcommittee Chairman Bryan Steil from the Republican Party, the bill sets requirements for issuers of payment “stablecoins.”
The latter are required to disclose information about their activities and the backing of tokens.
Democrats expressed concerns that the STABLE Act could be used for personal gain. Maxine Waters, a member of the Financial Services Committee, saw the initiative as an effort by the president “and his insiders to write the rules of the road that will enrich themselves at the expense of everyone else.”
According to FOX Business journalist Eleanor Terrett, representatives from Tether were involved in the creation of the bill.
?NEW from me: Offshore stablecoin giant @Tether_to is working with U.S. lawmakers to influence how these fiat-backed currencies are regulated in the U.S.
The issuer of the world’s largest stablecoin $USDT has been a controversial figure in U.S. crypto policy circles due to an…
— Eleanor Terrett (@EleanorTerrett) February 14, 2025
CEO of USDT issuer Paolo Ardoino stated that the company “is closely monitoring the legislative developments and engaging with regulators.” This was in response to JPMorgan’s claims about the coin’s non-compliance with US Congressional initiatives.
Nansen’s View
Nansen analysts examined the Stable Act for its potential impact on the industry if approved:
- Winners — expected regulated issuers like USDC, PYUSD, and banks will benefit from clear rules and timely compliance.
- Negative impact — algorithmic stablecoins (at least for now), yield-bearing tokens in a “limbo” state (payment “stablecoins” are not allowed to offer such an option).
- Forecast: market consolidation ahead; backend infrastructure (compliance, custody, etc.) will see significant growth.
Alternative
An alternative bill (GENIUS Act) is also moving through Congress. It sets oversight and reserve rules for issuers. On March 13, the US Senate Banking Committee approved it.
Both documents await debates in the House of Representatives and the Senate.
Crypto industry lobbyists anticipate coordinated efforts for their alignment to avoid delays in the process.
?NEW: Both the Senate’s GENIUS Act and the House’s STABLE Act have passed out of their respective committees.
So now what?
The bills await debate time on the floor and a vote in their respective chambers. In the meantime, two crypto lobbyists tell me there will likely be a… https://t.co/Paa8gmlNq1
— Eleanor Terrett (@EleanorTerrett) April 3, 2025
According to Terrett, the House of Representatives intends to move to consider the market structure bill on April 9.
Back in January, the working group on digital asset markets formed by Trump identified the creation of a regulatory framework for “stablecoins” as a priority.
According to FT, some global banks and fintech companies plan to launch their own stablecoins to capture a share of the rapidly growing market.