Washington, D.C.

The U.S. House of Representatives is on track to present the actual text of a bill aimed at regulating stablecoins. This announcement comes from Rep. Bryan Steil, a significant advocate for the legislation, as the House looks to potentially align itself more closely with corresponding Senate initiatives.

Rep. Bryan Steil, the leading Republican on the crypto subcommittee of the House Financial Services Committee, stated at a gathering in Washington that the legislation would be made public within the day. The Senate has already pushed its version of the stablecoin regulatory framework through the Banking Committee.

Both pieces of legislation aim to establish guidelines for the issuance of digital tokens whose value is tied to stable assets, primarily the U.S. dollar. A central issue remains regarding how issuers will be regulated at both state and federal levels.

A markup session in the House, where committee members discuss proposed amendments and decide whether to forward a bill to the full House for voting, is expected to occur shortly. Rep. French Hill, the committee’s chairman, is working with colleagues to bridge the differences with the Senate’s version.

The stablecoin initiative, which passed in the previous session of the House but stalled in the Senate, offers a more straightforward approach compared to other critical crypto legislation currently being considered. The more complex bill deals with overarching market structure and the governance of digital assets in the U.S.

Steil claimed that the current political environment is more favorable for advancing both measures, citing strong bipartisan relationships in Congress. He remarked, “We maintain a very pro-crypto House of Representatives,” indicating a positive outlook as both parties are engaging with the crypto sector more actively this session.

The upcoming hearing for the market structure bill is anticipated in early April.