119th Congress Finance and Financial Sector
H.R. 2392: STABLE Act of 2025
Reported
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill establishes a regulatory framework for payment stablecoins (digital assets which an issuer must redeem for a fixed value).
Under the bill, only permitted issuers may issue a payment stablecoin in the United States, subject to certain exceptions. Permitted issuers must be a subsidiary of an insured depository institution, a federal-qualified nonbank payment stablecoin issuer, or a state-qualified payment stablecoin issuer. Permitted issuers must be regulated by the appropriate federal or state regulator. A state regulator must certify that the state regulatory regime meets or exceeds federal requirements as established by the bill.
Permitted issuers must maintain reserves backing the stablecoin on a one-to-one basis using U.S. currency or other similarly liquid assets, as specified. Permitted issuers must also publicly disclose their redemption policy and publish monthly the details of their reserves.
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The bill specifies requirements for (1) reusing reserves; (2) providing safekeeping services for stablecoins; and (3) supervisory, examination, and enforcement authority over federal-qualified issuers.
The bill places a two-year moratorium on new endogenously collateralized stablecoins (i.e., stablecoins that rely on the value of another digital asset created or maintained by the same originator to maintain the fixed price).
Under the bill, permitted payment stablecoins are not considered securities under securities law. However, permitted issuers are subject to the Bank Secrecy Act for anti-money laundering and related purposes.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Troy Downing R-MTOriginal
- Tom Emmer R-MNOriginal
- Josh Gottheimer D-NJOriginal
- Bill Huizenga R-MIOriginal
- J. Hill R-AROriginal
- Mike Haridopolos R-FLOriginal
- Young Kim R-CAOriginal
- Sam Liccardo D-CAOriginal
- Daniel Meuser R-PAOriginal
- Tim Moore R-NCOriginal
- Ritchie Torres D-NYOriginal
- William Timmons R-SC
- Michael Lawler R-NY
- Zachary (Zach) Nunn R-IA
- John Rose R-TN
- Marlin Stutzman R-IN
- Shri Thanedar D-MI
Who scored on this bill
- 1Bryan Steil SponsorDrew cross-party cosponsors, introduced, marked up, reported4 events+38
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Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Bryan Steil
History
- Introduced in the House by Bryan Steil.
Show the full action history (6 actions)
- Reported (Amended) by the Committee on Financial Services. H. Rept. 119-94.
- Placed on the Union Calendar, Calendar No. 68.
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 17.
- Introduced in House
- Referred to the House Committee on Financial Services.