The U.S. House Financial Services Committee has passed the STABLE Act—a new bill aimed at regulating stablecoins like Tether and USD Coin. The bill, officially called the Stablecoin Transparency and Accountability for a Better Ledger Economy Act, advanced with a 32–17 vote on April 2, including six Democrats siding with Republicans.

Introduced in February by Representatives French Hill and Bryan Steil, the bill seeks to enforce transparency on how payment stablecoins are backed and managed. These tokens, pegged to traditional currencies like the U.S. dollar, play a vital role in the crypto economy. Tether, the largest issuer, reportedly played a part in shaping the draft.

However, the bill has sparked controversy. Democratic Rep. Maxine Waters fiercely opposed it, warning that it sets a “dangerous precedent.” Waters claimed the legislation could open the door for former President Donald Trump’s family to benefit financially through their newly launched stablecoin, World Liberty Financial USD (USD1), which emerged just days before the vote.

This comes as the U.S. Department of Housing reportedly considers using stablecoins in social housing payments—adding urgency to regulation.

Meanwhile, the Senate is pushing its own version: the GENIUS Act. Passed by the Senate Banking Committee on March 13 in an 18–6 vote, it introduces consumer protections and oversight rules for stablecoin issuers. Amendments by Senator Bill Hagerty, after consulting Democrats, earned bipartisan support.

Both bills now head to the floor in their respective chambers. According to reports, crypto lobbyists are working behind the scenes to align the two proposals—aiming to avoid lengthy negotiations through a conference committee.