Overview

• The U.S. House Financial Services Committee approved the STABLE Act with a 32-17 vote, advancing it to the full House for consideration.
• The legislation aims to regulate U.S.-based stablecoin issuers with reserve requirements and anti-money laundering standards but exempts foreign issuers like Tether for at least two years.
• Democratic lawmakers raised alarms over potential conflicts of interest tied to President Trump's family's involvement in the crypto industry through World Liberty Financial (WLFI).
• The Trump family reportedly holds a 75% revenue claim from WLFI’s $WLFI token sales, raising $550 million to date, with $390 million in payouts already estimated.
• The SEC has been asked by Democratic lawmakers to preserve records on Trump’s crypto ventures, citing concerns about regulatory impartiality and influence.