Steil and Hill Release Discussion Draft for Stablecoins

WASHINGTON, DC - Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee Chairman Bryan Steil (WI-01) and House Financial Services Committee Chairman French Hill (AR-02) today released a discussion draft of a bill to establish a framework for the issuance and operation of dollar-denominated payment stablecoins in the United States.

Digital Assets Subcommittee Chairman Steil said, “By implementing a clear regulatory structure for payment stablecoins, we can support continued innovation, bolster the U.S. dollar’s position as the world’s reserve currency, and protect consumers and investors. I look forward to getting feedback from consumers, issuers, and stakeholders on this draft legislation as we work to provide clear rules of the road for this innovative technology.”

Chairman Hill said, “Building upon our work on digital assets in the last Congress, our discussion draft will provide clarity for payment stablecoins and ensure a federal and state path for stablecoin issuers. Subcommittee Chairman Steil and I look forward to receiving feedback from the public and working in tandem with the Trump Administration and our colleagues in the House and Senate to make sure we get this right and deliver a dollar-backed stablecoin for the American people.”

Senate Banking Committee Chairman Tim Scott (R-SC) said, “Creating a regulatory framework for stablecoins is critical to ensuring the industry can innovate and grow here in the United States – while promoting the U.S. dollar’s global position, protecting consumers, and facilitating financial inclusion. That’s why I’ve led stablecoin legislation with my colleagues in the Senate, and I look forward to working with Chairman Hill and our House counterparts to advance a solution to President Trump’s desk.”

Senator Bill Hagerty (R-TN) said, “From enhancing transaction efficiency to driving demand for U.S. Treasuries, the potential benefits of strong stablecoin innovation are immense. We need legislation that establishes a safe and pro-growth regulatory framework that will unleash innovation and advance the President’s mission to make America the world capital of crypto. I look forward to working with Chairman French Hill and the House Financial Services Committee to get the GENIUS Act to the President’s desk and signed into law.”

Senator Cynthia Lummis (R-WY) said, “I look forward to working with my friends in the House to pass bipartisan stablecoin legislation that protects our dual banking system.”

Further Background: 

·    Today, this discussion draft was noticed to the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence hearing: A Golden Age of Digital Assets: Charting a Path Forward. 

·    Following the announcement of the Bicameral Working Group on Digital Assets, the Committee - under Chairman Hill and Subcommittee Chairman Steil’s leadership - will pick up the torch and work in a bicameral fashion with Chairman Scott and Senators Hagerty and Lummis to pass federal payment stablecoin legislation and send to President Trump’s desk. 

·    The Committee welcomes feedback from the public. Interested persons should submit electronic copies of their comments to fsc119@mail.house.gov. 

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