{"id":20514,"date":"2025-04-03T21:31:49","date_gmt":"2025-04-03T21:31:49","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=20514"},"modified":"2025-04-03T21:31:49","modified_gmt":"2025-04-03T21:31:49","slug":"us-house-passes-stable-act-for-stablecoin-regulation","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=20514","title":{"rendered":"US House Passes STABLE Act for Stablecoin Regulation"},"content":{"rendered":"<div>\n<p>On April 2, the US House Financial Services Committee passed the STABLE Act, which now needs to pass a full House vote and then a Senate vote in its next stages of approval into law.<\/p>\n<p>The Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act was passed with a 32 to 17 vote.<\/p>\n<p>The legislation, formally titled the \u201cStablecoin Tethering and Bank Licensing Enforcement\u201d Act, was introduced in 2020 and <a href=\"https:\/\/cryptopotato.com\/us-congressman-confirms-no-stablecoin-regulations-anytime-soon\/\" data-wpel-link=\"internal\">failed to pass<\/a>. It originally aimed to regulate stablecoin issuers by requiring them to obtain banking charters and follow traditional banking regulations.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">.<a href=\"https:\/\/twitter.com\/FinancialCmte?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\">@FinancialCmte<\/a> just passed the STABLE Act. Full speed ahead. <a href=\"https:\/\/t.co\/6NzNdlHqgc\" data-wpel-link=\"external\" target=\"_blank\">pic.twitter.com\/6NzNdlHqgc<\/a><\/p>\n<p>\u2014 Bryan Steil (@RepBryanSteil) <a href=\"https:\/\/twitter.com\/RepBryanSteil\/status\/1907631562251751519?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\">April 3, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Stablecoin Regulations Move Forward<\/h2>\n<p>The current STABLE Act, <a href=\"https:\/\/steil.house.gov\/media\/press-releases\/steil-and-hill-introduce-stable-act\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"external\">introduced<\/a> again in its amended form in March, differs slightly from a similar bill introduced in 2023.<\/p>\n<p>It gives the Office of the Comptroller of the Currency (OCC) \u201cthe authority to approve and supervise federally qualified nonbank payment stablecoin issuers,\u201d according to Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee Chair Bryan Steil.<\/p>\n<blockquote>\n<p>\u201cThe STABLE Act protects consumers while cementing the US Dollar as the world\u2019s reserve currency and promoting the next generation of Web3 businesses here in the United States,\u201d said Steil.<\/p>\n<p>\u201cI am happy to support the STABLE Act and continue the House Committee on Financial Services\u2019 work to advance stablecoin regulation that protects a robust state pathway,\u201d <a href=\"https:\/\/x.com\/USRepMikeFlood\/status\/1907473721826463754\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"external\">said<\/a> Republican Representative Mike Flood.<\/p>\n<p>\u201cStablecoins can not only help Americans grow their wealth but also promote U.S. values and leadership both here at home and around the world,\u201d <a href=\"https:\/\/x.com\/RepYoungKim\/status\/1907479710390514032\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"external\">added<\/a> California Representative Young Kim.<\/p>\n<\/blockquote>\n<p>Meanwhile, Congressman Dan Meuser <a href=\"https:\/\/x.com\/RepMeuser\/status\/1907484960073650362\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"external\">said<\/a> the legislation will \u201cmake payments faster, cheaper, and more accessible, reducing costs to the benefit of businesses and consumers alike.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">The STABLE Act sets a regulatory framework for payment stablecoins that will protect innovation and consumers. <a href=\"https:\/\/t.co\/BJCUXlpcNr\" data-wpel-link=\"external\" target=\"_blank\">pic.twitter.com\/BJCUXlpcNr<\/a><\/p>\n<p>\u2014 Financial Services GOP (@FinancialCmte) <a href=\"https:\/\/twitter.com\/FinancialCmte\/status\/1907493936165274000?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\">April 2, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Other stablecoin-related bills are also going through the Congressional voting process, including the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which defines reserve rules for stablecoin issuers.<\/p>\n<h2>Stablecoin Ecosystem Outlook<\/h2>\n<p>The stablecoin ecosystem is currently dominated by two players: Tether, which has a 60% market share with $144 billion USDT in circulation, and Circle, with a 25% share and $60 billion USDC circulating.<\/p>\n<p>USDS, formerly known as Maker\u2019s DAI, is the third-largest stablecoin with $8 billion in circulation and a 3.4% market share.<\/p>\n<p>Earlier this week, Circle <a href=\"https:\/\/cryptopotato.com\/stablecoin-issuer-circle-files-for-ipo-after-big-revenue-report\/\" data-wpel-link=\"internal\">filed<\/a> for a long-awaited initial public offering with the US Securities and Exchange Commission.<\/p>\n<p>Meanwhile, Binance has <a href=\"https:\/\/cryptopotato.com\/binance-to-delist-nine-non-mica-stablecoins-in-europe-including-usdt-and-dai\/\" data-wpel-link=\"internal\">delisted<\/a> several stablecoins, including USDT, DAI, and TUSD, in European markets to comply with stringent MiCA regulations.<\/p>\n<p>The post <a href=\"https:\/\/cryptopotato.com\/us-house-passes-stable-act-for-stablecoin-regulation\/\" rel=\"nofollow\">US House Passes STABLE Act for Stablecoin Regulation<\/a> appeared first on <a href=\"https:\/\/cryptopotato.com\/\" rel=\"nofollow\">CryptoPotato<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>On April 2, the US House Financial Services Committee passed the STABLE Act, which now needs to pass a full House vote and then a Senate vote in its next stages of approval into law. The Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act was passed with a 32 to 17 vote. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-20514","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/20514","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20514"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/20514\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20514"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20514"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}