House Financial Services kicks off stablecoin discussions 

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Members of the House Financial Services Committee heard from crypto and banking executives on the state of payment stablecoins this morning. 

Lawmakers have a few bills to consider: the STABLE Act, Rep. Tom Emmer’s anti-CBDC bill, and the CRA seeking to overturn the CFPB’s new rule that would expand federal supervision over wallet and payment providers. 

The hearing comes as the industry continues to quarrel over what stablecoin regulation should look like in the US. In the Senate, the latest discussion draft of the GENIUS Act sets reserve and anti-money laundering requirements for overseas stablecoin issuers. The bill is set to go to mark-up on Thursday. 

Both the GENIUS Act and the STABLE Act seek to divide oversight authority between federal and state agencies. 

Party lines showed during today’s hearing. Rep. Maxine Waters, in her opening remarks, criticized the Trump administration for its approach to the digital asset industry. 

“Despite my belief that the Trump administration only wants crypto legislation that personally benefits them and protects [its] crypto financiers, I still hope that we can work together on a bill that requires stablecoins be robustly and fairly regulated,” Waters said to Rep. French Hill. 

Trump last week said he expects to have a stablecoin bill on his desk by August. But if committees keep up their current pace, a bill could make it to a full floor vote sooner. 

Of course, for anything to make it to the White House, both chambers will have to approve the legislation. That could be a tall order.

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