U.S. Reps. Bryan Steil (R-WI) and French Hill (R-AR) introduced legislation aimed at establishing a framework for dollar-denominated payment stablecoins in the United States.
Steil, the chair of the House committee on Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee, and Hill, the chair of the House Financial Services Committee, said the legislation, the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, furthers discussions the law makers had to initiate stablecoin foundation in the U.S.
“It’s the Golden Age of digital assets in America,” Steil said. “With the STABLE Act, we will secure the future of financial payments and continued dominance of the U.S. dollar as the world’s reserve currency. This bill is the result of extensive collaboration with committee members, stakeholders, and the Administration.”
Officials said committee members and stakeholders have provided feedback to an initial draft of the legislation during hearing in both the Digital Assets subcommittee and the financial services committee. The legislation was also sponsored by U.S. Reps. Ritchie Torres (D-NY), Tom Emmer (R-MN), Bill Huizenga (R-MI), Dan Meuser (R-PA), Young Kim (R-CA), Troy Downing (R-MT), Josh Gottheimer (D-NJ), Mike Haridopolos (R-FL), and Sam Liccardo (D-CA).
“Our STABLE Act is a strong continuation of our work on digital assets in the last Congress,” Hill said. “Our legislation will provide a clear regulatory structure for payment stablecoins and represents the culmination of months of work with stakeholders and members this Congress.”