House Financial Services Committee Passes Stablecoin Regulatory Framework Along Party Lines

07/28 02:35

The House Financial Services Committee has passed a regulatory framework for stablecoins in the United States, but the bill was approved along party lines after bipartisan negotiations broke down. Republicans blamed the White House for the impasse, while Democrats argued that the process was being rushed. The bill was approved by a vote of 34-16, with a few Democrats breaking ranks with their senior members and unanimous Republican support. It is uncertain whether talks can be revived to give the bill a substantial chance of becoming law. A separate crypto-related measure around self-custody also advanced past the panel on a party-line vote, indicating it is unlikely to advance into law due to the split control of Congress.

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