House Financial Services kicks off stablecoin discussions

The hearing comes as the industry continues to quarrel over what stablecoin regulation should look like in the US

March 11, 2025 04:00 pm

Congress member Maxine Waters | Jamie Lamor Thompson/Shutterstock modified by Blockworks

This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.

Members of the House Financial Services Committee heard from crypto and banking executives on the state of payment stablecoins this morning.

Lawmakers have a few bills to consider: the STABLE Act, Rep. Tom Emmer’s anti-CBDC bill, and the CRA seeking to overturn the CFPB’s new rule that would expand federal supervision over wallet and payment providers.

Newsletter

Subscribe to Forward Guidance Newsletter

The hearing comes as the industry continues to quarrel over what stablecoin regulation should look like in the US. In the Senate, the latest discussion draft of the GENIUS Act sets reserve and anti-money laundering requirements for overseas stablecoin issuers. The bill is set to go to mark-up on Thursday.

Both the GENIUS Act and the STABLE Act seek to divide oversight authority between federal and state agencies.

Party lines showed during today’s hearing. Rep. Maxine Waters, in her opening remarks, criticized the Trump administration for its approach to the digital asset industry.

“Despite my belief that the Trump administration only wants crypto legislation that personally benefits them and protects [its] crypto financiers, I still hope that we can work together on a bill that requires stablecoins be robustly and fairly regulated,” Waters said to Rep. French Hill.

Trump last week said he expects to have a stablecoin bill on his desk by August. But if committees keep up their current pace, a bill could make it to a full floor vote sooner.

Of course, for anything to make it to the White House, both chambers will have to approve the legislation. That could be a tall order.

Get the news in your inbox. Explore Blockworks newsletters:

The Breakdown: Decoding crypto and the markets. Daily.
0xResearch: Alpha in your inbox. Think like an analyst.

Tags

Newsletter

The Breakdown

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Digital Asset Summit 2026

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

buy tickets learn more

recent research

Research

Solana DEX Winners: All About Order Flow

Solana's spot trading landscape will remain bifurcated: prop AMMs will own the short-tail of highly liquid pairs, while passive AMMs continue drifting toward the long-tail. Both can win via vertical integration, but in opposite directions: passive AMMs are moving closer to users through token issuance platforms (e.g., Pump-PumpSwap, MetaDAO-Futarchy AMM), while prop AMMs are moving down the stack into transaction landing services and infrastructure (e.g., HumidiFi-Nozomi). The venues most at risk are legacy AMMs with limited end-user control and no durable, launch-driven source of order flow.

by Carlos Gonzalez Campo