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3w ago

House Democrats Delay Stablecoin Bill Over Trump-Linked Crypto Concerns

Efforts to advance the STABLE Act stalled as amendments targeting potential conflicts of interest tied to President Trump’s stablecoin ventures prompted extended debate.

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 House Financial Services Committee postponed votes on the STABLE Act after Democrats introduced amendments addressing conflicts of interest linked to President Trump's involvement in the stablecoin sector.
  • Democratic lawmakers proposed restrictions preventing elected officials and high-ranking government employees from profiting from stablecoin ventures while in office.
  • Republicans argued the proposed amendments were unnecessary, asserting that the STABLE Act applies universal compliance requirements to all issuers.
  • The Trump family recently launched the World Liberty Financial USD1 token, which has drawn criticism for its timing and raised ethical concerns about the president's financial interests.
  • Banking groups and regulators have expressed concerns about the bill, particularly regarding the separation of banking and commerce and the centralization of regulatory authority.