The House Committee on Financial Services has confirmed that the Markup session for the Stablecoin transparency and accountability for a Better Ledger Economy (Stable) ACT will take place on 2 April.
The session will assess the amendment in the nature of a replacement (ANS), a revised version of the account Introduced on March 26. The updated concept refines definitions, reinforces the compliance mechanisms and outlines criteria for qualifying issents.
In addition, the bill continues to include the provisions that prohibit the issue of return -bearing stablecoins, which proponents claim to be removed.
Proceeds -bearing stablecoins prohibited
It distinguishes qualified issues in federally regulated institutions, non-bank entities approved by the comproller of the currency and by the government entities that operate under certified regimes.
The stable law, led by representatives Bryan Steil (R-Wi) and French Hill (R-Ar), proposes an extensive federal framework for regulating payment stablecoins.
Despite these updates, the Ans retains the language that proceeds Stablecoins prohibit, which has become a point of discussion in current industrial discussions.
The restriction applies to stablecoins that distribute interest that are derived from reserve activa, a function that is a function that is crucial for the acceptance of users and economic utility.
Proponents of the bill claim that the prohibition reflects concern about the protection of investors and the clarity of the legal, especially because interest -bearing instruments can fall under existing securities laws.
Coinbase CEO Brian Armstrong argued for the Accumulation of interest in the chain Functionality, claim that prohibiting revenue -bearing Stablecoins users refuses access to competing financial tools.
Democratizing access
Armstrong emphasized that Stablecoins supported by short -term American treasuries could enable interest to receive interest immediately, similar to an interest -bearing payment account, without the issuer having to act as a bank.
He mentioned Federal Reserve -which showed that in 2024 the average savings account of the consumer only offered 0.41% interest, compared to a federal funds rate of 4.75%, which resulted in considerable losses in purchasing power as a result of inflation and financial mediation.
Armstrong argued that unchain interest rates democratize access to higher yields and enables Stablecoin holders to retain more value through underlying reserves.
He further noticed that global consumers can benefit from stablecoins who act as a dollar-dollar interest-bearing assets.
According to him, the prohibition of interest on-chain undermines the benefits of financial inclusion, transparency and real-time accessibility that Stablecoins offer.
Despite the first pushback, changes to remove the restriction can still be introduced and discussed during the layout process.
