The US Assembly Financial Services Committee voted 32-17 to advance a bill to organize Stablecoins. A handful of democrats joined the Republicans in favor of the measures reflecting one of the two -party agreements.
Invoice proposes Stablecoins will be supported by beings such as US dollar or short -term government debt under the state or federal surveillance. Republicans and some democrats see Stablecoins as an innovative way to offer faster and cheaper transactions than traditional banking networks. They see a federal regulatory structure as the best way to protect consumers while encouraging crypto currency businesses to stay in the United States.
Stablecoin transparency and accountability committee exceeded 32-17 for a better book economy (stable) law of HR 2392, 2025. pic.twitter.com/pvztofttr1
– Financial Services GOP (@financialcmte) April 3, 2025
The Committee rejected suggestions from the high -level Democrat to prohibit its family and technology companies from creating their own stablecoins. These provisions also included a measure that prevented the rescue of failed stablecoin initiatives.
Arkansas President French Hill opened the meeting, saying, “Innovation needs railings, not barricades,” he opened the meeting. Hill and other supporters see Stablecoins as a chance to modernize cross -border payments and reduce confidence to bank -based systems. Bill House shares a lot of similarities with a version of the Senate Banking Committee last month, and MPs say that they hope to get any difference soon to get Trump’s desk.
A dispute is whether it will allow algorithmic stablecoins that do not reserve in a well -known currency such as dollar. Another question is how the regulators should handle federal or state permits, and representatives prefer a more flexible approach. Most supporters want to ensure that stable money meet the instructions for safety and robustness.
Maxine Waters defended Trump’s family with stablecoin companies
California’s senior democratic Maxine Waters criticized the committee’s decision to quit the change that prevented Trump and relatives from having Stablecoin Ventures. According to Waters, Trump took advantage of the presidency to establish more than one crypto scheme to enrich himself and his family. ”
He referred to World Liberty Financial, a family crypto company that plans to publish his own stablecoin. Waters argued that the absence of the rules of interest of the bill, Elon Musk, Trade Secretary Howard Lutnick and Amazon, Amazon, Meta and Walmart benefited.
Despite these objections, Gregory Meeks, a senior democrat, voted to support the legislation. Meeks emphasized the importance of “certainty için for the expanding crypto currency sector, even when expressing reservations about Trump’s participation.
In the meantime, the banking community concerns that stable coins can evacuate deposits from traditional banks and access loans, while a large retail lobby legislation supports more payment system, such as credit cards as a potential competitor.
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