The U.S. House Financial Services Committee has passed the STABLE Act, which aims to establish regulations for stablecoins, particularly those pegged to the dollar. It received 32 votes in favor and 17 against.
The STABLE Act is designed to create a comprehensive regulatory framework that includes strict standards for reserve backing and anti-money laundering provisions. The bill aims to ensure U.S. Competitiveness in financial technology.
Circle’s executives support the STABLE Act as essential for strengthening the U.S. Digital economy, while upcoming considerations in the House Committee may align with this initiative.
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