The U.S. House Financial Services Committee released a discussion draft bill that would establish a regulatory framework for the issuance and operation of dollar-denominated payment stablecoins in the United States, with both federal and state pathways for stablecoin issuers. The draft, issued by Committee Chairman French Hill and Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee Chairman Bryan Steil, would give the Office of the Comptroller of the Currency authority to approve and supervise federally qualified nonbank payment stablecoin issuers, differing from the committee’s prior approach that contemplated a federal pathway through the Federal Reserve. The release was noticed in connection with the subcommittee hearing “A Golden Age of Digital Assets: Charting a Path Forward,” and follows the committee’s passage of stablecoin legislation in the last Congress. Committee leaders indicated they will solicit public feedback and work with the Trump Administration and Senate counterparts, including Senate Banking Committee Chairman Tim Scott and Senators Bill Hagerty and Cynthia Lummis, alongside Senate efforts such as the Guiding and Establishing National Innovation for U.S. Stablecoins Act introduced on February 4, 2025.
U.S. Financial Services Committee 2025-02-06
U.S. House Financial Services Committee releases discussion draft to create a regulatory framework for dollar-denominated payment stablecoins
The U.S. House Financial Services Committee released a draft bill to establish a regulatory framework for dollar-denominated payment stablecoins, offering federal and state pathways for issuers. Led by Chairman French Hill and Subcommittee Chairman Bryan Steil, it proposes giving the Office of the Comptroller of the Currency authority over federally qualified nonbank issuers. The committee seeks public feedback and collaboration with the Trump Administration and Senate counterparts, including efforts like the Guiding and Establishing National Innovation for U.S. Stablecoins Act.