The US House of Representatives' stablecoin bill passed amid intense crypto activity on Capitol Hill
The text of the House's proposed stablecoin bill was released as a new crypto transparency bill was reintroduced and the Senate reviewed the IRS's actions in the crypto space.
Jessie Hamilton | Edited by Nikhilesh De Updated March 27, 2025 12:50 UTC Published March 26, 2025 9:56 UTC
The US Congress' top priority in the crypto industry is to complete a stablecoin oversight bill as soon as possible, and the House of Representatives introduced its version on Wednesday, following the recent approval of a similar bill in the Senate.
The House version, sponsored by Rep. Brian Steil, who chairs the House Financial Services Committee's cryptocurrency panel, and Rep. French Hill, the Republican chairman of the committee, would regulate the process by which companies issue dollar-pegged digital tokens.
The new version will “close the gap” between the House and Senate proposals, Steil said during a conference appearance Wednesday.
The Stablecoin Transparency and Accountability for a Better Ledger Economy Act (STABLE Act) “represents an important continuation of our work on digital assets in the last Congress,” Hill commented.
The Senate Banking Committee has already introduced its version of the bill with strong bipartisan support, so it will now go to the Senate. Representative Tom Emmer, one of the leading cryptocurrency advocates in Congress, said there are “some small differences” between the two bills that I’m confident can be ironed out.
Read more: Trump-linked World Liberty Financial unveils its stablecoin in Washington with Don Jr.
Also on Wednesday, Emmer reintroduced his Securities Clarity Act, which seeks to define how crypto assets can fall under securities law. Emmer introduced the bill, which was part of the Financial Innovation and Technology for the 21st Century (FIT 21) Act last year, along with Democratic Representative Darren Soto.
Emmer, Steil, and many other lawmakers involved in crypto initiatives on Capitol Hill all attended the DC Blockchain Summit, a crypto policy event hosted by the Digital Chamber. Many of them expressed hope that the stablecoin effort will be completed by August.
Following the conference, the Senate was preparing to hold a second vote on a resolution to repeal a 2024 IRS regulation targeting decentralized finance (DeFi) brokers. The Senate and House had previously passed the resolution, which is expected to be signed by U.S. President Donald Trump, but the Senate needed to vote again due to procedural rules requiring the House to vote on tax-related issues first.
The vote was passed with 70 senators voting in favor and 28 against. The previous vote in the Senate ended with a score of 70-27.
In a statement, DeFi Education Fund CEO and Chief Legal Officer Amanda Tuminelli said the group “commends the bipartisan majority of congressional leaders who voted in favor of the CRA’s ‘DeFi Broker’ resolution, recognizing the serious and far-reaching consequences of the IRS’s flawed rulemaking.”
UPDATE (March 27
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