Both House Republicans and Democrats have introduced proposals to regulate U.S. stablecoins, signaling that the sector is a legislative priority under President Donald Trump.
Maxine Waters, the ranking Democrat on the House Financial Services Committee, published a proposal for stablecoin oversight through federal watchdogs such as the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve, according to Punchbowl News.
Waters’ discussion draft also outlines regulatory frameworks for state regulators. Back in 2022, Rep. Waters criticized a Republican-led House Committee bill, calling it “deeply problematic” due to concerns over allowing state regulators to approve stablecoins without Federal Reserve oversight. At the time, she argued before former Committee Chair Patrick McHenry that this approach could introduce unforeseen risks.
Rep. Waters’ proposal means that both Republican and Democratic lawmakers have now introduced stablecoin regulations since President Trump took office.
Last week, Rep. French Hill, the new Republican Chair of the House Financial Services Committee, submitted a draft bill for stablecoin regulation, co-sponsored by Rep. Bryan Steil. The bill would grant the OCC authority to approve and supervise payment stablecoin issuers.
Specifically, the OCC can license and oversee nonbank stablecoin operators with federal permits. The rules could allow firms like Ripple to enter the $220 billion market.
Rep. Hill’s bill contrasts with Rep. Waters’ proposal, as it assigns stablecoin oversight to the OCC rather than the Federal Reserve, which Waters had advocated. Waters previously stated that House lawmakers needed a “grand bargain on stablecoins” to move forward with regulation.
In the Senate, GOP Senator Bill Hagerty also introduced the “Guiding and Establishing National Innovation for U.S. Stablecoins” Act. Policymakers also unveiled a bi-cameral working group focused on passing crypto regulation at a press conference hosted by White House AI and crypto czar David Sacks.