Following markup, the STABLE Act was approved by the House Financial Services Committee. The legislation provides rules for issuers of stablecoins. The STABLE Act passed through the Committee markup hearing by a vote of 32-17.
Representative Bryan Steil thanked Committee Chair French Hill for supporting the legislation.
“Digital assets are already impacting American families every day and their roll is continuing to grow. The STABLE Act protects consumers while cementing the U.S. Dollar as the world’s reserve currency and promoting the next generation of Web3 businesses here in the United States.”
The legislation, which has been in circulation for some time now, was officially introduced in March.
Steil predicted the bill would deliver the golden age of digital assets.
The bill will now move to a full House vote and, if approved, to the Senate. Expectations are that the legislation will soon head to the President’s desk to be signed into law.