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House Committee Advances Stablecoin Bill Amid Trump Family Controversy

The STABLE Act moves to a full House vote as concerns grow over exemptions for foreign issuers and Trump family crypto ties.

U.S. Congresswoman Maxine Waters (D-CA), Civil Rights leaders Al Sharpton and Jesse Jackson hold each other as they listen to speakers on the Edmund Pettus Bridge during a commemoration the 60th anniversary of "Bloody Sunday" in Selma, Alabama, U.S., March 9, 2025. REUTERS/Alyssa Pointer
U.S. President Donald Trump speaks as Crypto czar David Sacks, U.S. Treasury Secretary Scott Bessent, U.S. Commerce Secretary Howard Lutnick, and Executive Director of the Presidential Council of Advisers for Digital Assets Bo Hines attend the White House Crypto Summit at the White House in Washington, D.C., U.S., March 7, 2025.
U.S. Senator Elizabeth Warren (D-MA) speaks to members of the media at the U.S. Capitol, in Washington, D.C., U.S., March 12, 2025. REUTERS/Nathan Howard
SEC Securities and Exchange Commission regulations Trump lawmakers World Liberty Financial

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.