The bill “Stablecoin Transparency and Accountability for a Better Ledger Economy” (STABLE) has received support from the U.S. House Financial Services Committee. This stage is significant as the next step will be a vote in the House of Representatives.
This is reported by Business • Media
The initiative was introduced by Committee Chairman French Hill and Subcommittee Chairman for Digital Assets Brian Stile in early February 2025. According to available information, the company Tether, which issues the USDT stablecoin, was involved in the development of the bill. STABLE regulates the issuance and circulation of dollar-backed stablecoins, introducing new disclosure and reserve audit requirements for the companies that issue them.
The bill passed the committee vote with a margin of 32-17. However, it faced opposition from Democrats, including Maxine Waters, who expressed concerns about the potential use of the bill to benefit U.S. President Donald Trump. She stated:
“With this stablecoin bill, the Committee is creating an unacceptable and dangerous precedent, justifying the President and his allies’ efforts to write rules that will allow them to profit at the expense of everyone else.”
There is also another bill called GENIUS, which has been approved by the House Banking Committee. Both bills have several differences: STABLE allows foreign issuers to promote their stablecoins in the U.S. with subsequent registration, while GENIUS prohibits this but permits their circulation on the secondary market.
Political scientists believe that these bills may complement each other, as stated by both French Hill and Brian Stile.