Yesterday, Congressmen Hill and Steil released a discussion version of the STABLE Bill for stablecoins. It is substantially similar to the GENIUS Bill published by the Senate earlier this week and we provide a brief comparison between the two below.
“Building upon our work on digital assets in the last Congress, our discussion draft will provide clarity for payment stablecoins and ensure a federal and state path for stablecoin issuers,” said Congressman Hill, Chairman of the House Financial Services Committee. “Subcommittee Chairman Steil and I look forward to receiving feedback from the public and working in tandem with the Trump Administration and our colleagues in the House and Senate to make sure we get this right and deliver a dollar-backed stablecoin for the American people.”
The House Financial Services Committee previously voted in favor of a stablecoin bill. However, some Democrats including the ranking member, still had concerns about a potential race to the bottom by State regulators. Both the current House and Senate Bills give regulators comparatively narrow scope for rulemaking that may address previous concerns. The biggest area of latitude given to state regulators will be the setting of capital requirements for issuers.
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