U.S. lawmakers are pushing for clearer rules on stablecoins with the introduction of a new draft bill, known as the Stable Act of 2025. The bill is led by French Hill, Chair of the Financial Services Committee, and Bryan Steil, Chair of the Digital Assets Subcommittee. One of the main components of the proposed bill is a two-year suspension on stablecoins that are only backed by self-issued digital assets. Additionally, the bill calls for a detailed study by the U.S. Treasury to assess the potential risks involved in issuing and managing stablecoins.
The Stable Act of 2025 is a response to the rapid growth of the stablecoin market and aims to provide clear and consistent regulations. Hill emphasized the need for bipartisan cooperation and public involvement to ensure the market remains secure and regulated. Steil added that the bill could enhance the global position of the U.S. dollar while allowing digital currency innovation. He believes it could benefit both consumers and investors in the long run.
Support for the bill is growing across both parties. Senator Tim Scott highlighted that regulating stablecoins is key to fostering innovation in the U.S. economy. Senator Bill Hagerty also voiced his support, pointing out the importance of creating a secure and growth-focused environment for the cryptocurrency market. Senator Cynthia Lummis expressed her commitment to working together across party lines to protect the U.S. financial system.
This new draft builds on previous initiatives, such as the Clarity for Payment Stablecoin Act of 2023. The most significant change in the current draft is that it grants the Office of the Comptroller of the Currency (OCC) the authority to oversee nonbank stablecoin issuers. This contrasts with earlier proposals, which recommended that the Federal Reserve handle such oversight.
The Stable Act is gaining momentum in Congress and could soon make its way to President Trump’s desk. If passed, it would mark a significant step toward comprehensive regulation of digital assets in the U.S., shaping the future of the stablecoin market and its role in the broader financial system.