The U.S. Stablecoin Bill Committee approves review

The U.S. House Financial Services Committee passed the Stable Act after 10 hours of debate. This act will establish a strict regulatory framework for stablecoin payments, requiring issuers to obtain federal or state approval and back it with highly liquid assets at a 1:1 ratio. Democratic lawmakers strongly criticized the recent announcement by the Trump family's World Liberty Financial project to issue the stablecoin USD1. Representative Maxine Waters called this an "obvious display of greed and corruption" and questioned whether there was a conflict of interest in the President promoting relaxed crypto regulation while getting involved in this industry.
Despite ongoing controversy, six Democratic lawmakers still supported this bill. Trump has promised to make America a "crypto superpower" and urged Congress to pass both the Stable Act and Crypto Market Structure Act before year-end. The first hearing on the Market Structure Act is scheduled for April 9th.(DLnews)