The U.S. Senate Committee advances the STABLE Act bill to regulate stablecoins.
The vision of implementing clear regulatory policies for cryptocurrencies, particularly for stablecoins, has finally become a reality. Stablecoins are now one step closer to regulation, with 32 votes in favor of the STABLE Act bill. This represents a significant advancement for regulating the cryptocurrency industry as a whole.
The chair of the Subcommittee on Digital Assets and AI and the chair of the House Financial Services Committee presented the STABLE Act (Stablecoin Transparency and Accountability Act for a Better Ledger Economy) last week. This bill focuses on creating a clear regulatory framework for dollar-denominated stablecoins.
The bill was approved today with 32 votes in favor and 17 against. The chair of the House Financial Services Committee, French Hill, presented the bill and urged lawmakers to support it. He believes that regulation is essential for the global competitiveness of digital assets. Hill added:
Blockchain technology continues to transform the way money moves. The truth is that lawmakers, regulators, and law enforcement must keep up with these changes.
