U.S. House Committee Passes Stablecoin Bill Amid Trump Influence Concerns

The U.S. House Financial Services Committee has approved the Republican-led Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, setting the stage for a full vote in the House. The bill, aimed at regulating payment stablecoins, passed with a 32-17 vote on April 2, with six Democrats siding with Republicans. Introduced in February by committee Chair French Hill and Digital Assets Subcommittee Chair Bryan Steil, the legislation reportedly had input from stablecoin giant Tether. If passed, it would establish disclosure requirements for stablecoin issuers , ensuring transparency on how their tokens are backed. However, the bill has sparked sharp political debate. Democratic Representative Maxine Waters, who voted against the bill, warned that it could serve the financial interests of Donald Trump . She expressed concerns that the legislation could pave the way for Trump’s family-backed stablecoin, World Liberty Financial USD (USD1), to be integrated into government transactions. “This sets an unacceptable and dangerous precedent,” Waters argued. “It validates Trump and his insiders’ efforts to write rules of the road that will enrich themselves at the expense of everyone else.” Stablecoin Regulations Advance on Multiple Fronts While the STABLE Act heads for a House vote, another piece of stablecoin legislation, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, is making progress in the Senate. On March 13, the Senate Banking Committee approved the GENIUS Act with an 18-6 vote. The bill, co-sponsored by Republican Senator Bill Hagerty, outlines regulatory oversight and reserve requirements for stablecoin issuers. In an effort to gain bipartisan support, Hagerty made revisions following discussions with Democratic lawmakers. Senator Kirsten Gillibrand, a Democrat, acknowledged the updates, stating they “significantly improve important provisions” related to consumer protections and issuer authorization. Behind-the-Scenes Push for Alignment With both bills advancing through Congress, industry insiders suggest a strategic effort is underway to align their language. Crypto journalist Eleanor Terrett reported that two anonymous lobbyists hinted at a behind-the-scenes push to make the bills mirror each other, reducing the need for a formal conference committee to reconcile differences. If successful, this coordination could accelerate stablecoin regulation in the U.S . However, given the political stakes—especially Trump’s growing involvement in the crypto space—the road to final approval is likely to be anything but smooth. The post U.S. House Committee Passes Stablecoin Bill Amid Trump Influence Concerns appeared first on TheCoinrise.com .