The US House Financial Services Committee has passed a Republican-backed stablecoins framework bill, moving it to the full House for a vote, as reported by Bloomberg on 3 April.
The STABLE (Stablecoin Transparency and Accountability for a Better Ledger Economy) Act passed April 2 by a vote of 32-17, with the support of six Democrats.
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Introduced on February 6 by Committee Chairman French Hill and Digital Assets Subcommittee Chairman Bryan Steil, the bill was reportedly drafted with input from Tether, the largest issuer of stablecoins.
The legislation seeks to regulate payment stablecoins by ensuring that issuers disclose information about their transactions and the backing for them.