Odaily News After 10 hours of debate, the U.S. House Financial Services Committee passed the Stablecoin Act, which will establish a strict regulatory framework for payment stablecoins, requiring issuers to obtain federal or state approval and be backed 1:1 with highly liquid assets.
Democratic lawmakers have strongly criticized the Trump family's recently announced World Liberty Financial project, which plans to issue a stablecoin USD1, with Representative Maxine Waters calling it a "clear display of greed and corruption" and questioning whether the president's push for relaxed crypto regulations while being involved in the industry constitutes a conflict of interest.
Despite the controversy, the bill still received support from 6 Democratic lawmakers. Trump has promised to make the United States a "crypto superpower" and urged Congress to pass the Stablecoin Act and the Crypto Market Structure Act by the end of the year. The first hearing of the Market Structure Act is scheduled for April 9. (DLnews)