US House Committee Approves Stablecoin Transparency Bill

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The House Financial Services Committee voted to advance stablecoin legislation on Wednesday, approving the STABLE Act with 32 votes in favor and 17 against.

Officially titled the Stablecoin Transparency and Accountability for a Better Ledger Economy Act, the bill aims to establish a framework for dollar-denominated stablecoins, including reserve requirements and anti-money laundering standards.

In his opening remarks during the markup session, Committee Chair French Hill highlighted the transformative impact of blockchain technology on financial transactions.