Stablecoin Bill Advances in Congress; SEC Clarifies Regulatory Stance
In a significant move toward regulating digital assets, the U.S. House Financial Services Committee has advanced the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act of 2025. This legislation aims to establish a federal framework for stablecoins, mandating one-to-one reserve requirements in cash or high-quality liquid assets, along with stringent disclosure, custody, and segregation mandates. The bill proposes that bank-affiliated stablecoin issuers be supervised by their primary federal regulator, while non-bank issuers would fall under the oversight of the Office of the Comptroller of the Currency (OCC).
Concurrently, the Securities and Exchange Commission (SEC) has provided clarity on the regulatory status of certain stablecoins. In a recent statement, the SEC's Division of Corporation Finance indicated that stablecoins meeting specific criteria—such as being pegged one-to-one with the U.S. dollar and backed by low-risk, liquid assets—do not constitute securities under federal law. This clarification exempts issuers of these "covered stablecoins" from the requirement to register their offerings with the SEC, provided they adhere to the outlined standards.
These developments represent a concerted effort by U.S. lawmakers and regulators to bring stability and transparency to the rapidly evolving stablecoin market. By advancing the STABLE Act and delineating the SEC's stance, authorities aim to balance the promotion of innovation in the digital asset space with the imperative of safeguarding investors and maintaining financial stability. As the legislative process progresses, further refinements are anticipated to address emerging challenges and ensure comprehensive oversight of stablecoin issuers.
