The U.S. House of Representatives' stablecoin bill will soon be introduced to the public, according to the lawmaker who chairs the cryptocurrency committee.
Rep. Brian Steil said at the DC Blockchain Summit that the House stablecoin bill aims to “close the gap” with the Senate bill, which has already passed through committee.
Jesse Hamilton | Edited by Nikhilesh De on 26 Mar 2025, 14:25 UTC
WASHINGTON, D.C. — The U.S. House of Representatives is expected to receive the text of a bill to regulate stablecoins for debate on Wednesday, according to a top lawmaker working on the legislation, preparing the House for the possibility of falling behind a parallel Senate effort.
Brian Steil, a Republican who chairs the crypto subcommittee on the House Financial Services Committee, said at an event in Washington on Wednesday that the bill would be introduced by the end of the day. The Senate also recently introduced its own version of U.S. stablecoin oversight legislation through its Banking Committee.
Both bills would impose restrictions on the issuance of digital tokens tied to the value of stable assets (usually the U.S. dollar), and the main sticking point remains how issuers will be regulated by both state and federal authorities.
Steil noted that the House stablecoin session is a session in which the relevant committee debates amendments and decides whether to bring the bill to the floor. That session should happen “soon.” Lawmakers, including French Hill, the committee’s chairman, are working to “close the gap” with the Senate, Steil added.
The stablecoin initiatives in Congress, which passed the House last session but stalled in the Senate, are the narrower and potentially simpler of the two major cryptocurrency bills the industry hopes will pass this year. The other bill would address regulation of U.S. digital asset markets and asset and transaction management. That issue is far more complex, but Steil described how the current Congress is better equipped to handle it.
“We have a very different political context now,” he noted. “We have a very pro-crypto House,” he added, “with really good working relationships with a number of Democrats,” and a similar situation in the Senate.
He also said that the market structure bill should be considered in the House of Representatives in early April.
The list of speakers at the Digital Chamber’s Washington event underscores how much more involved the industry is in Congress this year. More than half a dozen U.S. senators and nearly a dozen members of the House of Representatives, including several Democrats, were expected to speak at the event.
The cryptocurrency sector is already seeing support on Capitol Hill in the early days of Congress, with strong bipartisan support in both the House and Senate seeking to repeal the Internal Revenue Service’s decentralized finance (DeFi) rule. The Senate Banking Committee also successfully advanced a stablecoin bill with bipartisan support.
