The US House Financial Services Committee has passed the STABLE Act, aimed at establishing clear rules for stablecoins.
Key Provisions of the Bill
The STABLE Act was approved by the House Financial Services Committee with a 32–17 vote. It regulates stablecoins pegged to the US dollar, such as USDT and USDC. The bill sets forth detailed requirements for issuers to ensure transparency and asset reliability.
Consumer Protection and Payment Innovations
The legislation mandates the maintenance of dollar-equivalent reserves and requires disclosure of how tokens are backed. It includes consumer protection measures aimed at increasing user trust and reducing systemic risks associated with stablecoin use.
Additional Legislation Targeting Stablecoin Oversight
In addition to the STABLE Act, two other stablecoin regulation bills are advancing in Congress, including the GENIUS Act, which proposes a federal licensing system for issuers and audit requirements.
The passage of the STABLE Act marks an important step toward improving transparency and security in stablecoin operations in the US, potentially strengthening the dollar's status as a global reserve currency.
