The American House of Representatives introduced an updated version of the Stablecoin transparency and accountability for a Better Ledger Economy (Stable) ACT on March 26, which considerably revise the design of 5 February.
The legislation is intended to regulate payment staboins, to introduce new compliance mechanisms, to expand supervisory powers and to clarify important definitions for the issue and use of dollar assets with dollar.
The stable law of 2025, formally introduced by representatives Bryan Steil (R-Wi) and French Hill (R-Ar), aims to create a federal framework for payment stablecoin issue.
In addition, the billed issue of qualified issues are defined in federally under supervision, non-banking entities approved by the competent and the state approved entities that operate under certified regimes.
New provisions and structural changes
The revision of March 26 introduces various substantive changes compared to the first February design.
The updated bill explicitly excludes various financial products, such as securities, deposits and credit union accounts, of the definition of “payment stablecoin”. This exclusion provides developers and institutions a greater legal clarity about what is eligible under the law.
The new concept of mandates monthly reserve statements verified by registered public accountancy firms and requires chief executive and financial officials to certify the accuracy of those reports.
Deliberately submitting false certifications can lead to criminal fines of a maximum of $ 1 million in fines or 10 years in prison. These certification provisions were not present in the February version.
Further updates include detailed procedures for assessing and approving new Stablecoin expenditure. The revised draft imposes decisions for federal supervisors, offers formal professional rights and enables applicants to request again after a refusal.
Regulators must also submit annual reports to the congress on the timing of current applications.
Representative Bill Huizenga (R-MI), an original co-sponsor, emphasized the importance of the bill on an X-post. He said:
“Stablecoins have the potential to simplify our payment systems and to bring a revolution in the way we move money. I am proud to be an original co -sponsor of this two -part account with representative Bryan steep and representative French Hill and look forward to the marketup of next week.”
Regulations and industry -Coordinating
An important addition is the mandate for regulators to initiate regulations within 180 days after determination to define the application requirements and to streamline approval for well -capitalized entities.
The bill also offers explicit protection for issuers that use public, decentralized networks, making such a design choice no reason for denial, but a critical insurance for developers building on blockchain infrastructure.
Both the versions of February and in March are intended to exclude payment stablecoins from classified and securities. However, the newer version changes more often related articles of association among the ACT, Securities Act, Exchange Act and SIPA advisers to guarantee consistent treatment between financial regulations.
The updated stable law consolidates the treatment of decentralized and non-payment staboins in a single study determination and restructures its approach to international interoperability.
According to the revised section 10, the treasury will coordinate with foreign areas of law to assess comparability and to support cross-border stabilecoin use, to replace the self-recurring reciprocity of the earlier design.
Additional provisions
The bill of March 26 imposes strict reserves standards on Stablecoin emission, which require full support through cash equivalent assets such as Treasury accounts or demand deposits.
It also prohibits Emencesten to pay returns to token holders and limits the activities of EXPENTEN to core functions such as issue, redemption and custody.
To protect consumers, the bill also includes provisions that are clarified that the US government does not insure Stablecoins and prohibits the opposite. Violations can cause civil fines or criminal prosecution under existing federal laws.
The revision of March 26 signals a growing two-part consensus in the congress to formalize the regulation of the Stablecoin and to adjust the financial policy to blockchain-native payment systems.
In addition, it reflects an increased respect for the needs of developers and institutions that operate on the intersection of fintech and traditional banking.
The Huis Financial Services Committee is expected to take the bill in the coming days. Markup is the period in which committee members study the views and discuss changes.
