U.S. House Stablecoin Bill Goes Live in Flurry of Crypto Activity on Capitol Hill
The House of Representatives has released its version of stablecoin oversight legislation, known as the STABLE Act, to regulate the issuance of dollar-denominated digital tokens. It requires coins to be backed by high-quality liquid assets, allows them to be issued by depository institutions or state-regulated entities, and imposes a moratorium on algorithmic stablecoins for two years. The bill is part of a larger legislative effort to bring more clarity to the crypto industry and overturn IRS regulations impacting DeFi brokers. Lawmakers at the DC Blockchain Summit have expressed optimism about finalizing these frameworks by August.