US Congress Moves Forward on Stablecoin Oversight with New STABLE Act

The U.S. Congress is stepping up efforts to regulate the cryptocurrency industry, with stablecoin taking center stage. 

On March 26, 2025, lawmakers introduced the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, aiming to set clear rules for issuing dollar-backed digital tokens and protecting consumers.

Representatives Bryan Steil and French Hill are leading the charge, recognizing that stablecoins have become an important part of the digital economy. 

The bill lays out strict transparency rules for issuers, requiring them to disclose financial details, maintain adequate reserves, and follow financial regulations to secure users’ funds.

🇺🇸 HOUSE LEADERS INTRODUCE STABLECOIN FRAMEWORK WITH NEW STABLE ACT

House Financial Services Chair French Hill and Digital Assets Subcommittee Chair Bryan Steil just introduced the STABLE Act—a landmark bill creating the first formal framework for dollar-backed stablecoins in… https://t.co/xfxm7aN82l pic.twitter.com/9wXAtfSW9D

— Mario Nawfal (@MarioNawfal) March 27, 2025

Representative Hill said:

“Stablecoins could revolutionize payments, but we need a solid regulatory framework to ensure their safety and reliability. This bill brings financial clarity, protects consumers, and strengthens our financial system.”

The STABLE Act already has bipartisan support in the Senate, passing through the Banking Committee and moving forward for further debate. 

Representative Tom Emmer, a strong crypto advocate, admitted there are differences between the House and Senate versions, but lawmakers are committed to finding common ground.

A Different Approach: The GENIUS Act

The STABLE Act isn’t the only proposal on the table. The Senate Banking Committee recently advanced the Guiding and Establishing National Innovation for U.S. 

Stablecoins (GENIUS) Act, which takes a different approach to regulation. Instead of a one-size-fits-all federal rule, the GENIUS Act divides oversight between federal and state regulators based on the size of the issuer.

Under this bill, companies issuing more than $10 billion in stablecoins would be regulated at the federal level, while smaller issuers could operate under state rules unless they opt for federal oversight. 

The debate over these two bills highlights the challenge of creating a balanced regulatory approach that fosters innovation while maintaining oversight.

Wyoming’s Bold Move with a State-Backed Stablecoin

While Congress debates federal regulations, some states are taking matters into their own hands. 

Wyoming, a longtime crypto-friendly state, has announced plans to launch its own state-backed stablecoin, fully backed by U.S. dollar reserves. 

Governor Mark Gordon sees it as a way to enable faster, cheaper transactions and strengthen Wyoming’s status as a blockchain hub.

This move follows similar efforts by private companies. Custodia Bank and Vantage Bank recently launched Avit, a U.S. dollar-backed stablecoin running on Ethereum, showing growing interest in digital tokens as a bridge between traditional finance and crypto.

The tension between federal and state approaches shows just how complex stablecoin regulation is becoming. 

While Washington pushes for nationwide oversight, states like Wyoming are taking their own path, potentially setting the stage for a fragmented regulatory environment.