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Hill and Steil Release Discussion Draft for Stablecoins

Washington, Feb 6 -

House Financial Services Committee Chairman French Hill (AR-02) and Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee Chairman Bryan Steil (WI-01) today released a discussion draft of a bill to establish a framework for the issuance and operation of dollar-denominated payment stablecoins in the United States.

Chairman Hill said, “Building upon our work on digital assets in the last Congress, our discussion draft will provide clarity for payment stablecoins and ensure a federal and state path for stablecoin issuers. Subcommittee Chairman Steil and I look forward to receiving feedback from the public and working in tandem with the Trump Administration and our colleagues in the House and Senate to make sure we get this right and deliver a dollar-backed stablecoin for the American people.”

Digital Assets Subcommittee Chairman Steil said, “By implementing a clear regulatory structure for payment stablecoins, we can support continued innovation, bolster the U.S. dollar’s position as the world’s reserve currency, and protect consumers and investors. I look forward to getting feedback from consumers, issuers, and stakeholders on this draft legislation as we work to provide clear rules of the road for this innovative technology.”

Senate Banking Committee Chairman Tim Scott (R-SC) said, “Creating a regulatory framework for stablecoins is critical to ensuring the industry can innovate and grow here in the United States – while promoting the U.S. dollar’s global position, protecting consumers, and facilitating financial inclusion. That’s why I’ve led stablecoin legislation with my colleagues in the Senate, and I look forward to working with Chairman Hill and our House counterparts to advance a solution to President Trump’s desk.”

Senator Bill Hagerty (R-TN) said, “From enhancing transaction efficiency to driving demand for U.S. Treasuries, the potential benefits of strong stablecoin innovation are immense. We need legislation that establishes a safe and pro-growth regulatory framework that will unleash innovation and advance the President’s mission to make America the world capital of crypto. I look forward to working with Chairman French Hill and the House Financial Services Committee to get the GENIUS Act to the President’s desk and signed into law.”

Senator Cynthia Lummis (R-WY) said, “I look forward to working with my friends in the House to pass bipartisan stablecoin legislation that protects our dual banking system.”

Further Background:

• Today, this discussion draft was noticed to the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence hearing: A Golden Age of Digital Assets: Charting a Path Forward.

• Last Congress, the Committee successfully passed the Clarity for Payment Stablecoins Act with bipartisan support.

• The STABLE Act builds on the efforts of former House Financial Services Committee Chair, Patrick McHenry, to provide multiple regulatory pathways for payment stablecoin issuers in the United States. 

• One of the key differences between the former Chair’s bill, the Clarity for Payment Stablecoin Act of 2023, and the STABLE Act is that the STABLE Act gives the OCC the authority to approve and supervise federally qualified nonbank payment stablecoin issuers while the Clarity for Payment Stablecoin Act of 2023 included a federal pathway at the Federal Reserve for payment stablecoin issuers. 

• Following the announcement of the Bicameral Working Group on Digital Assets, the Committee - under Chairman Hill and Subcommittee Chairman Steil’s leadership - will pick up the torch and work in a bicameral fashion with Chairman Scott and Senators Hagerty and Lummis to pass federal payment stablecoin legislation and send to President Trump’s desk.

• On February 4, 2025, Senator Hagerty, joined by Chairman Scott, Digital Assets Subcommittee Chair Senator Lummis and Senator Gillibrand introduced the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, building from the work in the House Committee on Financial Services.

• Both approaches represent an effort among Republicans to provide the robust protections and transparency consumers expect, provide for federal and state pathways for stablecoin issuance, and secure the United States as the leader in digital finance.

• The Committee welcomes feedback from the public. Interested persons should submit electronic copies of their comments to fsc119@mail.house.gov.