Key Takeaways:
- The House Financial Services Committee advanced the STABLE Act, a bill regulating payment stablecoins, with bipartisan support in a 32-17 vote.
- The bill, introduced by Republicans with industry input from Tether, mandates transparency on reserves and operations of stablecoin issuers.
- Controversy arose as Rep. Maxine Waters criticized the bill, citing concerns over potential misuse by Trump-linked ventures like World Liberty Financial.
On April 2, the U.S. House Financial Services Committee advanced the STABLE Act, a bill aimed at regulating payment stablecoins, with a 32-17 vote.
Officially titled the Stablecoin Transparency and Accountability for a Better Ledger Economy Act, the legislation was introduced by Republican lawmakers French Hill and Bryan Steil, and received support from six Democrats.
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
It proposes regulatory standards for stablecoins—digital tokens tied to traditional currencies—by requiring issuers to disclose reserve and operational information.
Representative Maxine Waters, the committee’s top Democrat, opposed the bill, warning it could enable misuse by political figures, citing concerns that Donald Trump’s family could exploit the legislation to legitimize their own stablecoin, USD1, launched through World Liberty Financial.
Her comments reflect broader worries about potential conflicts of interest and lack of oversight.
The bill’s advancement follows growing interest in integrating stablecoins into government programs, including by the U.S. Department of Housing and Urban Development.
In parallel, the Senate is considering the GENIUS Act, another bipartisan stablecoin bill focused on issuer and reserve requirements.
Revised with Democratic input, it passed the Senate Banking Committee in March.
Both bills are now headed for full congressional debate, signaling growing momentum for stablecoin regulation in the U.S.
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