Stablecoin Legislation in House and Senate Requires Revisions Before Approval
The U.S. Senate is nearing a final vote on stablecoin regulation, marking a significant step in crypto legislation. However, differences remain between the Senate and House bills that need resolution for the law to pass.
- Representative French Hill noted both bills are similar but have key differences.
- The House version imposes stricter "reciprocity" requirements on foreign stablecoin issuers.
- The House bill offers a clearer regulatory pathway based on business models of issuers.
- Different approaches exist regarding non-financial companies issuing stablecoins, with the House allowing it under certain regulations, while the Senate seeks to restrict it.
- Hill highlighted uncertainty about the Senate's final bill text, which is still under negotiation.
- The Senate's recent progress on its stablecoin legislation, the GENIUS Act, is crucial for advancing the effort.
- Both chambers must agree on identical versions of a bill before presidential approval.
- Recent bipartisan support has been shown, although delays occurred due to concerns over safeguards against illicit activities.
Hill expressed optimism that the House will align with ongoing negotiations in the Senate amid broader political implications tied to former President Trump's involvement in crypto matters.