House Stablecoin Bill Advances With Support of Trump, Democrats

Stablecoin advocates achieved another legislative victory on Wednesday night, adding fresh momentum to one of the few issues with bipartisan accord in a deeply divided Washington.

The legislation, which had languished in Congress for years, took on new urgency after the crypto industry’s heavy spending in the 2024 election and enthusiastic support from President Donald Trump. The bill was approved by the House Financial Services Committee on a 32-17 vote. A handful of Democrats joined Republicans in sending the measure to the House floor for consideration in the coming months.

Representative Maxine Waters, the top-ranking Democrat on the House Financial Services Committee, left, and Representative French Hill, the Republican chairman of the committee, during a hearing in February.

Photographer: Daniel Heuer/Bloomberg

The bill, a top priority for the burgeoning ...