U.S. House Releases Stablecoin Oversight Bill Following Senate Approval

U.S. Congress is prioritizing the completion of a stablecoin oversight bill. The House of Representatives has released its version, led by Rep. Bryan Steil and Rep. French Hill, following Senate committee approval of a similar bill.

• The House bill aims to regulate the issuance of dollar-denominated digital tokens.
• Steil stated it will "close the gap" with the Senate's version.
• The STABLE Act builds on previous work in the last Congress, according to Hill.
• The Senate Banking Committee's version passed with bipartisan support and is moving to the Senate floor.
• Rep. Tom Emmer noted minor differences between the two bills can be resolved.

Additionally, Emmer reintroduced the Securities Clarity Act to clarify crypto asset classifications under securities law. Lawmakers expressed hope for completing the stablecoin legislation by August during the DC Blockchain Summit.

Separately, the Senate is preparing for a vote on a resolution to overturn an IRS regulation regarding decentralized finance (DeFi) brokers, having previously passed in both chambers and expected to receive presidential approval.