#USStablecoinBill As of early May 2025, the United States Congress is actively working on legislation to establish a regulatory framework for stablecoins. There isn't a single, unified "US Stablecoin Bill" that has passed both chambers, but rather different bills are making their way through the House of Representatives and the Senate, with the goal of eventually reconciling them into a single piece of legislation.
Two key bills are currently the focus of discussionThe STABLE Act: This bill has advanced through the House Financial Services Committee.
The GENIUS Act: This bill has passed the Senate Banking CommitteeBoth bills aim to provide regulatory clarity for stablecoins, which are cryptocurrencies designed to maintain a stable value relative to a specific asset, typically the US dollar. Key aspects being addressed in these proposed laws include:Reserve Requirements: Both bills propose that stablecoin issuers must hold reserves that are at least equal to the value of the stablecoins they have issued, often specifying the types of safe and liquid assets that can be held as reserves (such as US dollars, government securities, and central bank reservesIssuance and Licensing: The legislation seeks to establish requirements for entities that wish to issue stablecoins, potentially including federal or state licensing and oversight by financial regulatoConsumer Protection: Provisions are being considered to protect consumers who use stablecoins.
Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) Measures: The bills aim to ensure that stablecoin activities comply with existing financial regulations to prevent illicit use.Recent developments indicate that while there is bipartisan support for regulating stablecoins, there are differences in the approaches taken by the House and Senate bills. Discussions are ongoing to bridge these differences and create a final bill that can be passed by both chambers and signed into law.
Specifically, in the Senate, the GENIUS Act recently passed out of committee, but some