House Financial Services Committee Votes to Advance STABLE Act
"It's the Golden Age of digital assets in America. With the STABLE Act, we will secure the future of financial payments and continued dominance of the U.S. dollar as the world’s reserve currency."
Representative Brian Steil, STABLE Act Sponsor
"It's the Golden Age of digital assets in America. With the STABLE Act, we will secure the future of financial payments and continued dominance of the U.S. dollar as the world’s reserve currency."
Representative Brian Steil, STABLE Act Sponsor
The House Financial Services Committee voted to advance the Stablecoin Transparency and Accountability for a Better Ledger Economy ("STABLE Act").
The bill H.R. 2392 would establish a framework for the issuance and operation of dollar-denominated payment stablecoins in the United States. The bill had bipartisan support and the Committee voted 32-17, which included six Democrats.
At the markup hearing, Chair French Hill said payment stablecoins were a "new and flexible payment innovation" for instant global transactions. He also underscored the need for appropriate safeguards. Mr. Hill stressed that the STABLE Act framework was essential to maintain US "global competitiveness" as other countries advance their own regulations.