Yesterday Congressman French Hill, Chair of the House Financial Services Committee, discussed the differences between the House and Senate stablecoin bills, the STABLE Act and the GENIUS Act. With the GENIUS Act likely to get a full Senate vote within the next ten days, there’s a need to reconcile the two bills between Congressional chambers in order to become law.
During an Atlantic Council event, the Chair said, “The differences are narrow and they can be bridged to have successful stablecoin legislation.”
“We have I think a cleaner State-Federal pathway than the Senate bill, with OCC for non banks, bank supervisors for banks. And we preserve a state pathway but you can have a Federal charter. There’s not an intermediate step as there is in the Senate Bill,” he said.
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