House Committee Moves Forward with Stablecoins Bill

The House Financial Services Committee voted yesterday to advance five banking-related bills covering topics from stablecoins to the formation of new banks. Before the hearing, the American Bankers Association (ABA) provided statements for the record on four of the proposed bills.

One of the bills approved by the committee was the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act. This legislation aims to establish a regulatory framework for payment stablecoins. In its comments, the ABA emphasized key principles that should shape stablecoin regulation. The bill was passed with a vote of 32-17.

The move comes as welcome news to proponents of stablecoin legislation in the US.