House Committee examines STABLE Act for payment stablecoins and digital currency regulations

The U.S. House Committee on Financial Services convened on March 11, 2025, to discuss the evolving landscape of digital payments, focusing on a federal framework for payment stablecoins and the implications of a potential U.S. Central Bank Digital Currency (CBDC). The meeting highlighted the importance of modernizing payment systems to enhance efficiency and accessibility in financial transactions.

During the session, committee members emphasized the significant role of stablecoins in the global payment ecosystem. These digital currencies are increasingly being adopted for everyday transactions, facilitating billions of dollars in cross-border payments and streamlining commercial activities. The committee noted that the rise of stablecoins reflects broader efforts to modernize the U.S. and global payment infrastructure.

The discussion also centered on the STABLE Act, a legislative proposal aimed at establishing a regulatory framework for payment stablecoin issuers. This act builds on previous efforts, including the Clarity for Payment Stablecoins Act of 2023, and incorporates feedback from stakeholders to enhance operational standards and clarify the roles of state and federal regulators. Key provisions of the STABLE Act include compliance with the Bank Secrecy Act and Anti-Money Laundering regulations, as well as cybersecurity measures.

Committee members expressed a commitment to ensuring that a well-regulated stablecoin market could bolster the U.S. dollar's global standing, modernize payment systems, and improve financial access for various communities. They underscored the necessity of careful deliberation to achieve effective legislation without excessive government intervention.

As the committee continues to refine the STABLE Act, they remain open to further feedback and engagement from stakeholders, aiming to create a robust framework that supports innovation while safeguarding the financial system.