WASHINGTON, DC – Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee Chairman Bryan Steil (WI-01) and House Financial Services Committee Chairman French Hill (AR-02) today introduced the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, legislation to establish a framework for the issuance and operation of dollar-denominated payment stablecoins in the United States.
Digital Assets Subcommittee Chairman Steil said, “It’s the Golden Age of digital assets in America. With the STABLE Act, we will secure the future of financial payments and the continued dominance of the U.S. dollar as the world’s reserve currency. This bill is the result of extensive collaboration with committee members, stakeholders, and the Administration. I look forward to passing this bill and implementing a clear regulatory structure for payment stablecoins.”
House Financial Services Committee Chairman Hill said, “Our STABLE Act is a strong continuation of our work on digital assets in the last Congress. Our legislation will provide a clear regulatory structure for payment stablecoins and represents the culmination of months of work with stakeholders and members this Congress. Subcommittee Chairman Steil and I look forward to continuing our efforts to ensure a successful markup next week”
House Majority Whip and Digital Assets Subcommittee Vice Chairman Tom Emmer (MN-06) said, “With the STABLE Act, the United States will lead in modernizing the global financial system. I’m beyond proud to support this legislative effort and I thank Representatives Hill and Steil for their leadership.”
Congressman Ritchie Torres (NY-15) said, “Stablecoins represent the next frontier of financial technology, and the United States must lead in shaping a regulatory framework that fosters innovation while ensuring transparency and stability. The STABLE Act is a critical step toward integrating digital assets into our financial system in a responsible way. I’m proud to join my colleagues in advancing bipartisan legislation that strengthens U.S. leadership in the digital economy and protects consumers in the process.”
Background:
· This non-partisan legislation was sponsored by both Republicans and Democrats including Hill, Torres, Emmer, Huizenga, Meuser, Kim, Downing, Moore, Gottheimer, Haridopolos, and Liccardo.
· In February, Steil and Hill introduced a discussion draft establishing a framework for the issuance and operation of dollar-denominated payment stablecoins in the United States.
· Over the past six weeks, members and stakeholders have provided feedback to improve the initial draft, including during separate hearings in both the Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee and the full Financial Services Committee.
· President Trump recently reiterated support for stablecoin legislation to pass through Congress and come to his desk before the August recess.
· You can read the full text of the bill HERE
