The Financial Services Committee of the US House has approved a framework bill concerning stablecoins, which now moves forward for a comprehensive vote in the House.
The committee endorsed the bill known as the Stablecoin Transparency and Accountability for a Better Ledger Economy, or STABLE Act, with a vote of 32-17 on April 2.
This legislation aims to define regulations surrounding payment stablecoins—cryptocurrency tokens that are pegged to traditional currencies like the US dollar—and seeks to ensure that issuers disclose essential information regarding their operations and the backing of their tokens.
Related: A lawmaker claims that Trump intends to introduce a stablecoin to replace the US dollar
Additional bills focused on stablecoins are also progressing through Congress, including the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which outlines oversight and reserve stipulations for issuers.
This story is evolving, and more updates will be provided as they arise.
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