Congress Advances Stablecoin Legislation as Industry Faces Scrutiny

The STABLE and GENIUS Acts move toward reconciliation, while concerns about systemic risks and Big Tech involvement persist.

The STABLE Act passed the House Financial Services Committee on April 2, 2025, and the GENIUS Act is set for a Senate-wide vote, marking significant progress for stablecoin regulation.
The Trump administration aims to finalize stablecoin legislation by August 2025, with bipartisan support highlighting the potential to preserve the U.S. dollar's global dominance.
Critics warn that the proposed bills could enable Big Tech companies like Meta and Amazon to issue their own currencies, raising privacy and economic concerns.
The Trump family's involvement in the stablecoin industry, through their company World Liberty Financial, has sparked concerns about conflicts of interest and regulatory impartiality.
Stablecoins, backed by dollar reserves and liquid assets, saw transaction volumes reach $15.6 trillion in 2024, rivaling Visa's annual figures, underscoring their growing role in global finance.