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Members of the House Financial Services Committee argued over legislation Tuesday that aims to "provide for the regulation of payment stablecoins," and a separate proposal that would block the Federal Reserve from issuing a U.S. central-bank digital currency. House Republicans promoted the first bill, the STABLE Act, as a means for establishing a regulated marketplace for issuers of Tether, USDC, USDS and other stablecoins, and for modernizing the U.S. payment infrastructure. Stablecoins function like cryptocurrencies, but with values directly pegged to those of U.S. dollars, euros or other government-issued banknotes. "These refinements ... clarify the supervision and enforcement authorities of...