Oh, gather ’round, dear readers, for a tale of intrigue and financial frolic! The U.S. House Financial Services Committee has taken a giant leap into the world of stablecoins with the STABLE Act, a bill that’s as exciting as a rollercoaster ride through a candy factory! 🍭🎢 While the bill has garnered a smattering of bipartisan applause, the Democrats are waving their red flags like they’re at a particularly raucous football match, all because of one Donald Trump and his shenanigans with World Liberty Financial (WLFI) and its shiny new USD1 stablecoin.
STABLE ACT HAS PASSED COMMITTEE WITH A VOTE OF 32-17! 🎉 @DigitalChamber owes a huge debt of gratitude to Chair @RepFrenchHill and Subcmte Chair @RepBryanSteil for their speedy work to keep the U.S. the leader of the stablecoin ecosystem.
On to a full House vote. Let’s do…
— Taylor Barr (@taylorjbarr) April 3, 2025
In a thrilling showdown, the House Financial Services Committee has waved its magic wand and passed the STABLE Act with a vote of 32-17! Hooray! 🎊 This bill, conjured up by the clever minds of Chair French Hill and Rep. Bryan Steil, aims to create a crystal-clear framework for dollar-backed stablecoins, complete with reserve requirements and anti-money laundering standards. Because who doesn’t love a good set of rules, right? 📜✨ And let’s not forget the lawmakers’ insistence on keeping up with the speedy blockchain technology, lest we fall behind in the global race! 🏁
Trump’s Crypto Connection Sparks Debate
Now, hold onto your hats, folks! The STABLE Act didn’t just waltz through; it had to survive an intense markup session, with 26 Republicans and 6 Democrats voting in favor. But wait! Many Democrats are raising their eyebrows at Trump’s cozy relationship with stablecoins, especially after his pals at World Liberty Financial (WLFI) decided to jump on the stablecoin bandwagon with their own USD1. Given Trump’s history of selling NFTs and memecoins like TRUMP, they’re worried he might just be cooking up a little something for himself! 🍳💸
Republican Push for Quick Action
Despite the hullabaloo, the Republicans are racing to finalize stablecoin regulations by August. Committee Chairman French Hill insists on “guardrails, not roadblocks” to foster innovation. Meanwhile, Democrats like Maxine Waters and Stephen Lynch are pointing fingers, accusing Trump of using his presidential powers for personal gain. Oh, the drama! 🎭 Republicans, however, are brushing off these accusations like crumbs from a cookie. 🍪
Stablecoins, CBDC Ban, and More
But wait, there’s more! This wasn’t the only crypto-related kerfuffle in Congress. Alongside the stablecoin bill, lawmakers are also discussing banning a U.S. central bank digital currency (CBDC) and forming a task force to tackle those pesky illicit crypto activities. The Financial Technology Protection Act, aimed at tackling crypto crime, passed unanimously, while the anti-CBDC bill saw a split vote of 27-22. Talk about a nail-biter! 🥳
With both the House and Senate pushing their stablecoin bills forward, they’ll soon be merging them into one glorious version for final approval. Meanwhile, Trump is expected to sign a resolution that will overturn an IRS rule targeting DeFi, giving the crypto industry another reason to pop the champagne! 🍾 Will the stablecoin regulations pass before the elections? And what role will Trump play in this circus? Only time will tell! ⏳
Community Reaction
In the midst of all this excitement, Coinbase CEO Brian Armstrong is cheering that it will push innovation forward and keep the industry in the U.S. But wait! Lawmakers like Rep. French Hill are saying there’s already a long-standing consensus against it. Meanwhile, Rep. Bryan Steil is calling stablecoin and market structure bills “peanut butter and jelly” – because who doesn’t love a good sandwich? 🥪 As the STABLE Act heads for debate, Circle’s Dante Disparte is pushing for quick approval, especially since Circle just filed for its IPO. Talk about a busy day in the land of crypto! 🚀
Ahead of tomorrow’s .@FinancialCmte markup of the STABLE Act, we must first commend Chairman .@RepFrenchHill and .@RepBryanSteil on how the bill achieves a clear America first standard when it comes to the issuance and circulation of dollar-denominated payment stablecoins. Clear…
— Dante Disparte (@ddisparte) April 1, 2025
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2025-04-03 10:59