The primary focus of the U.S. Congress for the cryptocurrency sector is to swiftly finalize a bill overseeing stablecoins. Recently, the House of Representatives has published its draft, coming right after the Senate’s version received committee approval.
This version, brought forward by Rep. Bryan Steil, who chairs the crypto subcommittee of the House Financial Services Committee, and Rep. French Hill, the Republican chairman of the full committee, establishes guidelines for businesses aiming to issue digital tokens pegged to the dollar.
Steil indicated during a conference on Wednesday that the new version will “bridge the divide” between the House and Senate proposals.
Describing the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE Act), Hill remarked that it represents a robust continuation of legislative efforts surrounding digital assets from the previous Congress.
The Senate Banking Committee has already passed its own variant of the bill with a notable bipartisan majority, paving the way for it to be discussed on the Senate floor. Rep. Tom Emmer, House majority whip and a long-time advocate for cryptocurrency in Congress, pointed out that the two versions have “a few minor discrepancies that can surely be resolved.”
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On the same day, Emmer reintroduced his Securities Clarity Act, aimed at clarifying how a crypto asset might be classified under securities law. This bill, part of last year’s Financial Innovation and Technology for the 21st Century Act (FIT 21), was introduced alongside Democratic Representative Darren Soto.
At the DC Blockchain Summit, a cryptocurrency policy event organized by the Digital Chamber, Emmer, Steil, and other lawmakers involved in crypto policy appeared on Wednesday, expressing optimism that the stablecoin legislation could be finalized by August.
As the conference came to a close, the Senate was preparing for a second vote on a resolution under the Congressional Review Act intended to reverse the IRS’ 2024 regulations governing decentralized finance (DeFi) brokers. Both the Senate and House had previously approved this resolution, which is expected to be signed by U.S. President Donald Trump. However, another Senate vote is necessary due to a procedural rule that mandates the House address tax-related matters before the Senate can proceed.