U.S. House to Debate Stablecoin Legislation

WASHINGTON, D.C. — The U.S. House of Representatives is set to discuss a bill regulating stablecoins on Wednesday, as per Rep. Bryan Steil, the leading Republican on the crypto subcommittee of the House Financial Services Committee. The bill is expected to be unveiled soon, aligning with a similar effort in the Senate that has already moved forward through the Senate Banking Committee.

Both proposed bills aim to establish guidelines for the issuance of digital tokens linked to stable assets, primarily the U.S. dollar. A key issue has been how to regulate issuers at both state and federal levels.

Steil mentioned that a markup session for the House stablecoin bill is anticipated shortly. Efforts from House lawmakers, including committee chairman Rep. French Hill, are focused on aligning with the Senate’s timeline. Notably, the stablecoin initiative has more potential for progress compared to other cryptocurrency regulations currently in discussion.

Steil emphasized that the political landscape has shifted favorably, with strong bipartisan relationships forming around crypto policies. He expressed optimism for a House hearing on market-structure legislation in early April.

During a recent event hosted by the Digital Chamber, significant engagement between the cryptocurrency sector and lawmakers was evident, with various senators and House representatives participating. Momentum for bipartisan support has also emerged for efforts to address an IRS rule impacting decentralized finance (DeFi).

The Senate Banking Committee has easily moved forward with stablecoin legislation supported by members from both parties.