U.S. House Introduces Stablecoin Bill Amid Surge in Crypto Discussions on Capitol Hill

The House unveiled its stablecoin legislation as another crypto clarity bill was reintroduced, while the Senate considered its crypto-related IRS initiative.

The U.S. Congress is prioritizing stablecoin regulation, aiming to finalize an oversight bill swiftly. On Wednesday, the House of Representatives released its version of the legislation, following the recent committee approval of a similar Senate proposal.

Introduced by Rep. Bryan Steil, head of the House Financial Services Committee’s crypto panel, and Rep. French Hill, the committee’s Republican chair, the bill outlines regulations for companies issuing dollar-backed digital tokens.

Steil stated that the updated version of the bill aims to "close the gap" between House and Senate efforts on stablecoin regulation.

Hill described the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE Act) as a significant step forward in the ongoing legislative work on digital assets from the previous Congress.

The Senate Banking Committee has already approved its version of the stablecoin bill with strong bipartisan support, advancing it to the Senate floor for further consideration.

Rep. Tom Emmer, a longtime crypto advocate in Congress, noted that while there are some minor differences between the House and Senate versions, he is confident they can be resolved.

On Wednesday, Rep. Tom Emmer also reintroduced the Securities Clarity Act, aiming to clarify how crypto assets fit within securities laws. The bill, previously part of the Financial Innovation and Technology for the 21st Century Act (FIT 21), was co-sponsored by Democratic Rep. Darren Soto.

Several lawmakers, including Emmer and Steil, attended the DC Blockchain Summit, where they expressed optimism that stablecoin legislation could be finalized by August.

Meanwhile, the Senate held a second vote on a resolution to overturn the IRS' 2024 regulation on decentralized finance (DeFi) brokers. The measure, previously passed by both chambers, was required to be voted on again due to a procedural rule. The resolution passed with 70 votes in favor and 28 against, mirroring a previous 70-27 vote. President Donald Trump is expected to sign it into law.

In a statement, Amanda Tuminelli, Executive Director and Chief Legal Officer of the DeFi Education Fund, praised the bipartisan supermajority in Congress for passing the "DeFi Broker" CRA resolution. She highlighted that lawmakers acknowledged the significant and widespread impact of the IRS' flawed rulemaking.