News

The House Financial Services Committee spent 10 hours marking up stablecoin legislation Wednesday before passing the bill 32-17 without including a trio of anti-money laundering-related proposals. Democrats introduced all but two of 36 amendments to HR 2392, the Stablecoin Transparency and Accountability for a Better Ledger Economy, or STABLE Act, but each was rejected on a voice vote. Several Democrats would later join Republicans in advancing the bill to the House floor. Rep. Brad Sherman (D-CA) introduced two of the three AML-related amendments. The first called for anyone who transfers stablecoins between wallets, including "unhosted" wallets, to undergo know-your-customer checks....