On March 26, the US House of Representatives introduced an updated version of Stablecoin transparency and accountability for the Better Ledger Economics (Stable) Act, significantly revised the February 5 draft.
The purpose of this law is to regulate payment stability, introduce new compliance mechanisms, expand surveillance capabilities, and clarify key definitions for managing the issuance and use of dollar-supported digital assets.
The 2025 Stable Act was officially introduced by representatives Brian Steele (R-WI) and French Hill (R-AR) and aims to create a federal framework for stable issuance of payments.
Additionally, the bill portrays qualifying issuers for accredited bodies, non-banking institutions approved by the Director-General, and nationally recognized entities operating under the accreditation system.
New regulations and structure changes
The March 26 revision will introduce some substantial changes compared to the first February draft.
The updated bill explicitly excludes a variety of financial instruments, such as securities, deposits, and credit union accounts, from the definition of “payment stable coins.” This exclusion will provide developers and agencies with more legal clarity about what they qualify under this Act.
The new draft requires proof of monthly bookings verified by registered public accounting firms and requires the CEO and finance officer to prove the accuracy of those reports.
Progression of false findings could result in a fine of up to $1 million or a 10-year prison criminal penalty. These certification clauses were absent in the February version.
Further updates include detailed steps to review and approve new Stablecoin publishers. The revised draft imposes a deadline for decisions to federal regulators, provides formal appeal rights and allows applicants to reapply after denial.
Regulators must also submit an annual report to Congress on the timing of pending applications.
The original co-host Bill Huizenga (R-MI) highlighted the importance of the bill against the X-Post. he I said:
“Stablecoins has the potential to simplify payment systems and revolutionize the way money moves. We look forward to next week’s markup with Representative Bryan Steil and Representative Hill of France.”
Rule creation and industry coordination
A significant addition is the obligation for regulators to begin creating rules within 180 days of their establishment and streamline the recognition of appropriate entities for properly capitalized entities.
The bill also provides explicit protection to publishers using public decentralized networks, making it clear that such design choices are not grounds for rejection, but are important assurances for building developers based on blockchain infrastructure.
Both the February and March versions aim to exclude payment stability as they are classified as securities. However, the new versions have more comprehensively amended the Advisors Act, Securities Act, Exchange Act, and related laws under the SIPA, ensuring consistent treatment across financial regulations.
The updated stable law combines decentralized and non-payment stability treatment into a single research offering and restructures an approach to international interoperability.
In revised section 10, the Ministry of Finance coordinates with foreign jurisdictions to assess comparability, support the use of cross-border stability, and replaces the standalone interaction section of previous drafts.
Additional Provisions
The March 26 bill imposes strict preparatory standards on Stablecoin issuers and requires full support with cash equivalent assets such as Treasury invoices and demand deposits.
It also prohibits issuers from paying yields to token holders and limits issuer activities to core features such as issuance, reimbursement and storage services.
To protect consumers, the bill also includes a provision that clarifies that the US government does not guarantee stability and prohibits misrepresentation to the contrary. Violations could result in civil or criminal prosecution under existing federal law.
The March 26 revision shows an increase in bipartisan consensus in Congress, formalizing Stablecoin regulations and adapting monetary policy to blockchain and native payment systems.
Additionally, it reflects increased responsiveness to the needs of developers and institutions operating at the intersection of fintech and traditional banking.
The House Financial Services Committee is expected to undertake the markup bill in the coming days. Markup is the period during which committee members study perspectives and discuss revisions.
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