Southern Wisconsin Times

The Bipartisan Steil-Hill Legislation, known as the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, has passed through the House Financial Services Committee. This significant step was marked by a committee vote of 32-17. Congressman Bryan Steil from Wisconsin and Financial Services Committee Chairman French Hill played key roles in introducing this legislation.

In a statement following the committee's approval, Steil expressed gratitude towards Chairman Hill and other committee members for their efforts. "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," Steil said. "Digital assets are already impacting American families every day, and their role 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."

The act, initially introduced as a discussion draft in February by Steil and Hill, aims to establish a framework for issuing and operating dollar-denominated payment stablecoins in the U.S. The full proposal garnered cosponsorship from several representatives, including Torres, Emmer, Huizenga, Meuser, Kim, Downing, Moore, Gottheimer, Haridopolos, Liccardo, Timmons, Lawler, Nunn, Rose, and Stutzman.

Feedback from members and stakeholders over the past six weeks has contributed to the development of the bill. Discussions took place in both the Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee and the full Financial Services Committee.

The bill, now set to proceed to the House Floor for a vote, has gained support from President Trump, who has reiterated the importance of passing stablecoin legislation through Congress before the August recess.

Congressman Steil also authored an op-ed titled "The Golden Age of Stablecoins," published by the Washington Times, further emphasizing the significance of this legislative effort.