#USStablecoinBill The stablecoin bill in the U.S. House of Representatives is launched amid a wave of cryptocurrency activity on Capitol Hill.
The House of Representatives version of the stablecoin legislation was published as another bill on cryptocurrency clarity was reintroduced and the Senate assessed its IRS effort on cryptocurrencies.
The top priority of the United States Congress for the cryptocurrency industry is to quickly finalize a stablecoin oversight bill, and the House of Representatives published the text of its version on Wednesday, following a recent committee approval from its Senate counterpart.
The House version, presented by Representative Bryan Steil, who leads the House Financial Services Committee's cryptocurrency panel, and Representative French Hill, the Republican chairman of the general committee, regulates how companies can issue digital tokens denominated in dollars.
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The new version "will close the gap" between the House and Senate versions of the bill, said Steil during an appearance at a conference on Wednesday.
The Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE Act) "is a strong continuation of our work on digital assets in the last Congress," Hill said in a statement.
The Senate Banking Committee had already advanced its own version of the legislation with a strong bipartisan vote, so it moves on now to consideration on the Senate floor. Rep. Tom Emmer, the House majority whip who has been among Congress' top crypto advocates for years, said the two bills have "some minor differences that I'm sure can be ironed out."
Read more: Trump-Tied World Liberty Financial Pitches Its Stablecoin in Washington With Don Jr.
Also on Wednesday, Emmer reintroduced his Securities Clarity Act, which seeks to define how a crypto asset might fall within the securities law framework. Emmer introduced the bill, which was part of last year's Financial Innovation and Technology for the 21st Century Act (FIT 21), alongside Democratic Representative Darren Soto.
Emmer, Steil and many other lawmakers involved in crypto efforts on Capitol Hill all appeared on Wednesday at the DC Blockchain Summit, a crypto policy event hosted by the Digital Chamber. Most of them shared hopes that the stablecoin effort would be completed by August.
As the conference wrapped up, the Senate prepared to vote for a second time on a Congressional Review Act resolution overturning the IRS' 2024 regulation governing decentralized finance (DeFi) brokers. The Senate and House have both previously passed the resolution, which U.S. President Donald Trump is expected to sign, but the Senate needed to vote on it again due to a procedural rule requiring the House to vote first on tax-related issues.
The vote passed, with 70 Senators voting in support and 28 voting against. The previous Senate vote passed 70-27.
In a statement, DeFi Education Fund Executive Director and Chief Legal Officer Amanda Tuminelli said the group "commends the bipartisan supermajority of Congressional leaders who voted in favor of the 'DeFi Broker' CRA resolution, recognizing the severe and far-reaching consequences of the IRS’ misguided rulemaking."
UPDATE (March 27, 2025, 00:49 UTC): Adds Senate vote update.
Nikhilesh De contributed reporting.
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Jesse Hamilton
Jesse Hamilton is the deputy editor-in-chief of CoinDesk's Global Policy and Regulation team, based in Washington, D.C. Before joining CoinDesk in 2022, he spent over a decade covering Wall Street regulation at Bloomberg News and Businessweek, writing about the early rumors among federal agencies trying to decide what to do with cryptocurrencies. He has received several recognitions.
