TechFlow, April 3 — According to DLnews, after a 10-hour marathon debate, the U.S. House Committee on Financial Services passed the Stablecoin Act (Stable Act), which will establish a strict regulatory framework for payment stablecoins, requiring issuers to obtain federal or state approval and be backed 1:1 by highly liquid assets.
Democratic lawmakers strongly criticized the Trump family's recently announced World Liberty Financial project, which plans to issue a stablecoin called USD1. Representative Maxine Waters called it "a clear display of greed and corruption" and questioned whether the President’s push for looser crypto regulation while entering the industry creates a conflict of interest.
Despite the controversy, the bill gained support from six Democratic members. Trump has pledged to make the U.S. a "crypto superpower" and urged Congress to pass both the Stablecoin Act and the Crypto Market Structure Act by year-end. The first hearing on the Market Structure Act is scheduled for April 9.
