Bipartisan Steil-Hill Legislation, the STABLE Act, Clears Committee

April 3, 2025

Washington, DC – Today, Congressman Bryan Steil (WI-01), Financial Services Committee Chairman French Hill (AR-02), and their colleagues on the Financial Services Committee voted to pass the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act in a full committee markup. Congressman Steil introduced the STABLE Act in March of this year. Following passage, Congressman Steil issued the following statement:

"I’d like to thank Chairman French Hill for his partnership on this legislation and my colleagues on the Financial Services Committee for their commitment to securing the Golden Age of digital assets,” said Steil. “Digital assets are already impacting American families every day and their roll is continuing to grow. The STABLE Act protects consumers while cementing the U.S. Dollar as the world’s reserve currency and promoting the next generation of Web3 businesses here in the United States.”

Background:

In February, Steil and Hill introduced a discussion draft establishing a framework for the issuance and operation of dollar-denominated payment stablecoins in the United States, and last week introduced the full proposal which is cosponsored by Representatives Hill, Torres, Emmer, Huizenga, Meuser, Kim, Downing, Moore, Gottheimer, Haridopolos, Liccardo, Timmons, Lawler, Nunn, Rose, Stutzman.
Today, the STABLE Act passed through the House Financial Services Committee markup hearing by a vote of 32-17.
Over the past six weeks, members and stakeholders have provided feedback to improve the initial draft, including during separate hearings in both the Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee and the full Financial Services Committee.
Yesterday, the Washington Times published The Golden Age of Stablecoins, an Op-Ed written by Congressman Steil.
This bill is now eligible to move to the House Floor for a vote.
President Trump recently reiterated support for stablecoin legislation to pass through Congress and come to his desk before the August recess.