The US House Financial Services Committee has passed the STABLE Act, a stablecoin framework bill, which will proceed to a full vote in the House. The bill was supported by a 32-17 vote on April 2 and aims to provide regulatory rules surrounding payment stablecoins, cryptocurrencies tied to traditional currencies like the US dollar. It mandates that issuers disclose details about their business practices and token backing. This legislative development is part of a broader movement in Congress to establish clear guidelines for stablecoin usage, with other proposed bills like the GENIUS Act also seeking to introduce oversight and reserve requirements for issuers. This is a developing situation, and more updates are expected as it advances through the legislative process.

Source 🔗