US lawmakers are making significant strides towards establishing a national regulatory framework for stablecoins, with a pivotal stablecoin bill making progress in Congress. The House Financial Services Committee recently approved the STABLE Act of 2025 (H.R. 2392), a crucial piece of legislation that sets forth regulatory standards for dollar-pegged stablecoins. The bill garnered support from 32 committee members, while 17 voted against it.
If the STABLE Act becomes law, it will introduce clear guidelines for the issuance and management of dollar-backed stablecoins. This includes implementing reserve requirements and anti-money laundering measures to safeguard consumers and promote responsible innovation within the financial sector.
Advocates of the STABLE Act argue that it offers much-needed clarity for stablecoin issuers. They believe that a standardized framework would alleviate regulatory ambiguity and bolster the United States’ position in the rapidly evolving digital asset landscape.
Despite the bill’s advancement, it has faced criticism from certain Democratic lawmakers. Leading up to the vote, Democrats proposed amendments aimed at prohibiting government officials, including the president, from holding financial interests in stablecoin-related ventures. However, these proposals were not adopted.
Representative Maxine Waters, the committee’s ranking Democrat, voiced strong opposition to the bill, labeling it as a “dangerous precedent.” She expressed concerns that the legislation could potentially benefit President Donald Trump by facilitating the use of a stablecoin associated with his family in federal transactions.
Representative Nydia Velazquez echoed these sentiments, highlighting ongoing conflicts of interest linked to the Trump administration’s ties to the cryptocurrency industry. She emphasized the need to address these potential conflicts to uphold ethical standards in government.
Additionally, Representative Sylvia Garcia raised concerns about the rapid advancement of the stablecoin bill, suggesting that it could enable individuals like Donald Trump and Elon Musk to exploit cryptocurrency for personal gain. She emphasized the importance of implementing stringent regulations to protect investors and taxpayers from potential exploitation.
In response to the criticism, Republican Committee Chair French Hill defended the legislation, emphasizing the importance of fostering innovation and maintaining US leadership in the global financial landscape. Hill underscored the need for digital asset policies that prioritize competition and private sector development.
As discussions surrounding stablecoin regulation continue to unfold, it is evident that finding a balance between promoting innovation and safeguarding consumer interests remains a key challenge for policymakers. The outcome of the STABLE Act will undoubtedly have far-reaching implications for the future of stablecoins and the broader digital asset ecosystem.