Both House Republicans and Democrats are taking significant steps to regulate U.S. stablecoins, marking a clear legislative priority under President Trump.
Maxine Waters, the ranking Democrat on the House Financial Services Committee, has unveiled a proposal aimed at establishing oversight for stablecoins. Her plan leverages federal agencies such as the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve to ensure comprehensive regulation.
Waters’ draft also emphasizes the need for regulatory frameworks for state regulators. Previously, in 2022, she criticized a Republican-led bill for potentially enabling state regulators to approve stablecoins without the oversight of the Federal Reserve, raising concerns about introducing significant risks.
In a noteworthy development, both parties have introduced stablecoin regulations since Trump’s administration began. Recently, Rep. French Hill, the new Republican Chair of the House Financial Services Committee, proposed a draft bill co-sponsored by Rep. Bryan Steil. This legislation would empower the OCC to approve and supervise payment stablecoin issuers.
The bill specifically allows the OCC to license and oversee nonbank stablecoin operators with federal permits, potentially opening doors for companies like Ripple to tap into the $220 billion market.
Rep. Hill’s approach differs from Rep. Waters’ proposal, as it designates stablecoin oversight to the OCC instead of the Federal Reserve, which Waters supports. She has previously indicated the necessity for a “grand bargain on stablecoins” to advance regulation.
Additionally, in the Senate, Republican Senator Bill Hagerty has introduced the “Guiding and Establishing National Innovation for U.S. Stablecoins” Act. A bipartisan working group focused on advancing crypto regulation was also announced during a press conference led by a key figure in the White House’s AI and crypto initiatives.
