The U.S. House Committee on Financial Services Democrats announced on Feb. 10 the introduction of a bipartisan bill aimed at regulating payment stablecoins. Congresswoman Maxine Waters (D-CA), the ranking member of the committee, unveiled the legislation following years of negotiations and technical input from the U.S. Treasury Department and the Federal Reserve.

Waters highlighted the bill’s focus on consumer protection and its potential to establish a comprehensive federal framework for stablecoin issuers. She stated:

After years of good-faith, bipartisan negotiation and collaboration with regulators and stakeholders, last Congress, the Republican and Democratic Committee staff jointly drafted payment stablecoins legislation that would create a strong federal framework and put consumer protection front and center.

The legislation sets regulatory standards for both bank and nonbank stablecoin issuers, requiring strict reserve requirements and granting the Federal Reserve a central oversight role. It also prohibits non-financial commercial companies, including major technology firms such as Facebook, Google, and X, from owning stablecoin issuers to maintain the separation of banking and commerce.

Furthermore, it enforces compliance with U.S. anti-money laundering and counterterrorism financing laws while closing loopholes that allow offshore entities, like Tether, to bypass U.S. regulations. Additionally, the bill bars individuals convicted of financial crimes, including FTX’s Sam Bankman-Fried, from serving as executives or holding significant ownership in stablecoin issuers.

The introduction of Waters’ bill follows another bipartisan effort in the Senate. On Feb. 4, 2025, Senators Bill Hagerty (R-TN), Tim Scott (R-SC), Kirsten Gillibrand (D-NY), and Cynthia Lummis (R-WY) introduced the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. This legislation aims to create a clear regulatory framework for payment stablecoins by defining them as digital assets pegged to a fixed monetary value and establishing licensing requirements for issuers. The bill includes reserve mandates, places federal oversight on issuers managing over $10 billion in stablecoins, and allows state-level regulation for smaller issuers. Supporters argue that the bill could enhance transaction efficiency, broaden financial inclusion, and reinforce the U.S. dollar’s global standing.

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