#USStablecoinBill

The bill proposes that stablecoins be backed one-for-one by the US dollar or short-term government debt, under state or federal oversight. Republicans and some Democrats view stablecoins as a fast, inexpensive means of exchange, and argue that federal regulation will protect consumers and keep cryptocurrency businesses in the United States. The committee rejected proposals from Democrats to ban Trump and tech companies from creating their own stablecoins, as well as a measure to prevent taxpayers from bailing out failed stablecoin projects. Chairman French Hill stated that stablecoins would help modernize cross-border payments. The House bill is similar to the Senate version, and lawmakers hope to reconcile soon to send it to Trump's desk.