Congress Advances Bipartisan Stablecoin Regulations with Support from Wall Street

Lawmakers and financial institutions push for clarity on stablecoin rules to bolster U.S. dollar dominance and payment innovation.

The House Financial Services Committee and Senate Banking Committee are reviewing bipartisan bills, including the STABLE Act and GENIUS Act, to regulate stablecoins as a safe payment option.
Traditional financial institutions, such as BNY Mellon, and crypto firms like Circle are advocating for federal legislation to provide clear regulatory standards for stablecoin issuers.
The proposed legislation includes strict reserve requirements, audit mandates, and tailored oversight to ensure stablecoins are safe and reliable for consumers and businesses.
The GENIUS Act introduces a tiered regulatory framework, allowing state-regulated issuers under $10 billion in market cap while applying federal oversight to larger issuers.
Supporters argue that stablecoin regulation will enhance cross-border payments, financial inclusion, and the competitiveness of U.S. financial innovation globally.