PANews reported on April 3rd that according to The Block, the U.S. House Financial Services Committee voted on a major bill to regulate stablecoins on Wednesday. The bill, named the "Stablecoin Transparency and Accountability for a Better Ledger Economy" (STABLE), was passed by the committee with 32 votes in favor and 17 against. The bill will create a framework for U.S. dollar-denominated stablecoins. It specifies reserve and capital requirements, including one-to-one reserve backing and anti-money laundering standards. This is another attempt by the House committee to advance stablecoin regulation legislation. In 2023, the committee passed this legislation, but negotiations stalled due to Republican criticism of the White House's response under the Biden administration, casting doubt on the bill becoming law.

On Wednesday, multiple amendments were discussed, focusing on Trump's relationship with cryptocurrencies, rescue plans, and foreign issuers. However, the Senate and House must reach a consensus on their respective bills. They differ in how to regulate issuers at the state and federal levels. Additionally, they disagree on how to regulate foreign issuers like Tether. Regarding next steps, a Republican aide familiar with the bill text stated at a press conference last week that lawmakers might now decide to advance legislation regulating the entire cryptocurrency industry. The House Financial Services Committee plans to hold a hearing on a market structure bill next week.