Odaily Planet Daily News After 10 hours of debate, the U.S. House of Representatives 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 by highly liquid assets 1:1.
Democratic lawmakers strongly criticized the Trump family's recently announced World Liberty Financial project for planning to issue stablecoin USD1. Representative Maxine Waters called it "a clear manifestation of greed and corruption" and questioned whether the president's push to relax crypto regulation while being involved in the industry constituted a conflict of interest.
Despite the controversy, the bill was supported by 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 on the Market Structure Act is scheduled for April 9. (DLnews)