U.S. House Committee Advances Stablecoin Bill Amid Trump Conflict Concerns
The U.S. House of Representatives committee advanced a bill on stablecoin regulation, moving it closer to being considered by the full House. Key points include:
- Final approvals from both the House and Senate are needed to create unified legislation.
- The Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE Act) received bipartisan support, though Democrats raised concerns about President Trump's connections to the crypto industry.
- World Liberty Financial (WLFI), linked to Trump, announced support for its stablecoin (USD1).
- Stablecoins like USDT and USDC are a top priority for the crypto sector.
- Concerns were voiced regarding potential conflicts of interest due to Trump's involvement in the crypto space, but Republican members did not support amendments addressing these issues.
- Other bills discussed included measures to combat illicit crypto use and a ban on U.S.-issued central bank digital currency (CBDC).
- Trump is expected to sign a resolution that eliminates an IRS rule affecting DeFi operations.