The US House Committee is set to advance the landmark stubcoin bill

• Sources say the U.S. House Committee will soon promote the Landmark Stubcoin Act. The Financial Services Panel will then review the bill on April 2nd.

So far, the Trump administration has been extremely vocal about its support for its code and the need for a stable bill. However, bipartisan support for cryptography has increased dramatically. Stablecoin Bill Fully approved.

Stablecoin Bill has received support from both Republicans and Democrats

Major House committees may vote in favour of the Genius Act, which aims to regulate Stablecoins and add more consumer protection policies.

Senators Bill Hagerty (R-TN) and Tim Scott (R-SC) first proposed the bill. This quickly gained support from both Republicans and Democrats.

On March 13, the Senate Banking Committee voted for a progression in the Genius Act, with five of the 11 Democrats on the committee joining the Republican majority to support the bill.

If the House approves the bill, the Stablecoin issuer will select both the federal and state charters based on the market capitalization. Additionally, foreign issuers are obligated to follow state protocols regarding preparation, anti-money laundering measures, sanctions compliance, and liquidity.

Jeremy Hogan, a partner at law firm Hogan & Hogan, even commented that “all reserve requirements and anti-money laundering requirements fall properly for RLSUD and USDC.”

Maxine Walters and Elizabeth Warren believe the bill cannot adequately protect consumers.

Like many other analysts and crypto enthusiasts, French Hill believes the stubcoin market should be regulated. Hill argued that a regulated stubcoin environment would generate stronger dollars and improve payment systems.

Crypto companies that previously presented legislative agenda at the Capitol have consistently promoted Stablecoins as a tool to improve financial inclusion and a much cheaper and faster transaction option.

But top Democrats on the House Committee, Maxine Walters and Massachusetts Sen. Elizabeth Warren, don’t think the bill would properly protect consumers. They also wanted to ban high-tech companies such as Elon Musk’s X and Meta Platforms Inc.’s Facebook, preventing them from publishing their own Stablecoins.

Other critics also raised concerns about the lack of Stablecoin FDIC insurance, fearing a huge loss to users if the token collapses.