The United States Senate can quickly approach a final vote on the regulation of Stablecoins, which would be a water height mark for cryptographic legislation in Congress, but representative French Hill said the Senate bill has some key differences with a similar effort in the House of Representatives, and that they should be solved before it can become law.
“The bills are substantially similar,” said Hill, president of the Financial Services Committee of the House of Representatives that has been at the forefront of the Congress’ negotiation on Stablecoins for years, in an event of the Atlantic Council on Tuesday. “There are some differences that are not insurmountable, but that need to be rectified and clarified.”
Hill said that one of the most outstanding differences includes the strictest requirements of the Chamber about the “reciprocity” of international regulation on foreign stablcoins stable emitters that could trade in the US.
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“You can be registered in the USA and be an American company under the law of Stablecoin and you fully comply, or you are in a jurisdiction recognized by the US. UU. To have a substantially similar regime and application,” said Hill, pointing out the chamber version, which cleared your committee with the bipartisan support but has not faced a floor vote, seems to be stricter than the Senate.
However, he said “We do not know the final text of his bill”, which is still being negotiated and amended.
Hill also said that the Chamber’s bill has a “cleaner” route to determine which entities at the state or federal level regulate the issuers, depending on their business models.
And the two cameras followed different approaches to allow non -financial companies to emit Stablcoins, which touches long -data concerns about the traditional separation of banking and commerce and has received criticism from the Democrats who say they are concerned that technological giants take over the financial system. The Chamber version says that such companies are free to issue Stablecoins under regulation by the Office of the Comptroller of La Moneda, while the latest version of the Senate said that certain public companies would be prohibited from publishing tokens. Hill said the Senate has some work to do to clarify its approach.
He said that he asks about the common narration of Stablecoin’s legislation that is easier to approve in Congress than the most complex and high -range supervision of all cryptographic markets, citing the success of the Chamber by approved the latter in the last session while hanging in their stabilized sequences negotiations.
But Hill also recognized the years of paralysis in the Senate on cryptographic matters, saying that the recent actions of the Chamber on its stable legislation, the National Innovation Law for National Innovation for the United States (genius) are “really important” to advance the effort. He said it is optimistic that the house will also do its share.
“The Chamber is really in a position to comply with the promises of President Trump,” he said, referring to the desire of President Donald Trump to have the bill of established law and market structure in his desk for signatures for the recess of the August Congress.
In US legislation, both the Senate and the Chamber have to accept identical versions of a bill before the president can sign it. If the Senate approves its Stablecoin bill as soon as this week, the Chamber has the option to vote on that same language or pursue yours. If a different version passes, the two would have to be qualified in a commitment of commitment that would need another round of approvals in each camera.
In recent weeks, the legislation of Stablecoin has cleared the banking committee of the Senate and the first procedural votes on the floor with a mass bipartisan support. But it was delayed at a time for the objections of the Democrats who did not include sufficient safeguards for illegal activity, and that the bill should prohibit public officials as the president to participate in the business.
Hill acknowledged, as he had done in consensus 2025 in Toronto, that Trump’s personal participation with cryptographic businesses, including Stablecoins, has made the legislative debate more political than he would like. “He has made it more complicated, because it is a distraction of that central work,” said Hill.
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