House Committee Votes for Transparency Bill With Overwhelming Voting for Cryptocurrency

On Wednesday, the House Financial Services Committee voted to pass the STABLE Act, with 32 people in pursuit and 17 opposed.

The Stablecoin Transparency and Accountability for a Better Ledger Economy Act, which is officially known as the Stablecoin Transparency and Accountability Act, would establish reserve requirements and anti-money fraud standards as a platform for dollar-denominated cryptocurrencies.

House Financial Services Committee Chair French Hill emphasized how crypto systems” continues to transform the way money moves” during the opening notes of the premium session.

Hill claimed that the bill is a part of their “ongoing efforts” to encourage “financial development through audio digital asset policy.

Despite disagreement over President Donald Trump’s mother’s contacts to crypto-related businesses, including their first attempt at trading USD1 with World Liberty Financial, the vote took place.

Democrats raised concerns about potential conflicts of interest in the opening debate by introducing amendments to stop the leader and the government from offering bitcoin products while in office.

Rep. French Hill previously stated on Monday that Trump’s blockchain transactions have “more complicated” the draft of bitcoin regulations.

Before becoming laws, the legislation then has two more obstacles to overcome. It will be reported out of commission and scheduled for concern by the House of Representatives following the premium.

With significant differences in state versus federal legislation and the treatment of foreign manufacturers like Tether, both the House and Senate may fit their approaches.

It will also take into account the Senate’s GENIUS Act.

When the STABLE act is approved by the House, it will proceed to the Senate, where it will go through a similar method of committee review before possibly making its way to the Senate floor for a ballot.

Any distinctions between the House and Senate types would need to be reconciled before the final policy could be sent to the President for personal or reject.

The committee’s next attempt to improve bitcoin legislation is represented by Wednesday’s development. A previous 2023 work was abandoned due to political disputes under the Biden administration.

edited by Sebastian Sinclair