U.S. stablecoin bill clears committee vote

The STABLE Act, a new legislative proposal aimed at regulating stablecoins in the United States, has passed a key vote in the House Financial Services Committee. The bill will now proceed to a full vote in the U.S. House of Representatives.
 

Transparency Requirements and Issuer Oversight

Introduced in February 2025 by Representatives French Hill and Bryan Steil, the «Stablecoin Transparency and Accountability for a Better Ledger Economy» (STABLE) Act sets out rules for issuing dollar-backed stablecoins. It includes disclosure obligations and mandatory reserve audits for stablecoin companies.
 

The committee approved the bill with a 32–17 vote. Opposition came primarily from Democrats, including Representative Maxine Waters, who criticized the bill as a possible gateway for President Donald Trump to promote a private stablecoin associated with his allies.
 

Stable Versus Genius: Two Visions for Regulation

STABLE is not the only stablecoin-focused bill on the table. A competing initiative called GENIUS, drafted by the House Banking Committee, also passed the committee stage. Both proposals aim to establish a regulatory framework for the stablecoin market, albeit with different approaches.
 

For instance, STABLE would allow foreign issuers to operate in the U.S. after a set registration period, while GENIUS prohibits such access but permits trading of foreign-issued tokens on secondary markets.
 

The White House expects Congress to finalize a comprehensive legislative package for the sector in the coming months. Political analysts believe STABLE and GENIUS could complement each other and form the foundation of stablecoin regulation in the U.S.