Legislation1w ago
42
To authorize implementation grants to community-based nonprofits to operate one-stop reentry centers.
HR8548Rep. Kamlager-Dove, Sydney [D-CA-37] (D-CA)
introduced
HR2392119th CongressWALLET
STABLE Act of 2025
Sponsored By: Representative Rep. Steil, Bryan [R-WI-1]
In Committee
Summary
Creates a federal rulebook that tightly regulates payment stablecoins, requiring 1-to-1 reserve backing, strict custody rules, and bank-style supervision. It defines who may issue, limits permitted activities, and sets transition paths for custodians and state issuers.
Show full summary
- Consumers and holders: Monthly reserve disclosures with independent audits increase transparency. Issuers cannot claim federal insurance and face civil penalties and criminal fines of $1 million to $5 million for false reserve certifications.
- Issuers and custodians: Only permitted issuers may issue payment stablecoins and custodians must segregate customer assets, protect private keys, and largely bar rehypothecation except narrow overnight repos. Issuers face capital, liquidity, AML and Bank Secrecy Act obligations and may not pay interest to holders.
- State, banking, and global rules: Creates a state certification regime and a federal backup supervisory authority after notice. The bill requires Treasury-led foreign comparability determinations, studies of non-payment stablecoins, and imposes a two-year moratorium on newly created endogenously collateralized stablecoins.
Your PRIA Score
Score Hidden
Personalized for You
How does this bill affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this bill and every other piece of legislation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Bill Overview
Analyzed Economic Effects
9 provisions identified: 3 benefits, 1 costs, 5 mixed.
Only approved stablecoins, with strict enforcement
If enacted, only permitted issuers could issue stablecoins in the U.S. After 18 months, custodial platforms could offer only those permitted coins. Unauthorized issuance could face up to $100,000 per day in penalties, with extra penalties for knowing violations. New endogenously collateralized stablecoins would be banned for two years. Federal regulators could step in if a State does not act, after at least 48 hours’ notice, and must set rules for this within 180 days.
1:1 reserves and 180‑day risk rules
If enacted, issuers would have to hold 1‑to‑1 reserves in very safe assets like U.S. cash, Fed balances, or short‑term Treasuries (93 days or less). They would need monthly public reports, monthly independent reviews, and CEO/CFO certifications. Knowingly false certifications could bring fines up to $5 million and up to 20 years in prison. Regulators would also have 180 days after enactment to set capital, liquidity, diversification, interest‑rate risk, and cybersecurity standards.
AML checks and supervision for issuers
If enacted, permitted issuers would be treated as financial institutions under the Bank Secrecy Act. They would need AML programs, to keep records, monitor for suspicious activity, and verify initial holders. Bank‑affiliated issuers would be supervised like their banks, and some nonbank issuers would be examined by the Comptroller. All would be subject to financial privacy rules under Gramm‑Leach‑Bliley.
Issuers limited to core tasks, no yield
If enacted, issuers could mainly issue and redeem coins, manage reserves, and provide custody. Other businesses would need explicit regulator approval. Issuers would not be allowed to pay interest or yield on stablecoins. This could lower risk but also limits returns to holders.
Stronger protections for custodial stablecoin users
If enacted, custodial firms that hold your stablecoins or keys would have to keep them separate from company funds. They would have to treat your assets as yours and protect them from the firm’s creditors. They would need to report how they protect customer assets to federal regulators. Limited pooling for bank omnibus accounts and normal settlements would still be allowed. People who only sell hardware or software for self-custody would not be covered.
Deadlines for bank subsidiary issuer approvals
If enacted, regulators would have 30 days to say if an application is complete and 120 days to decide. If they miss the deadline, the application would be deemed approved. Denials must explain reasons, and applicants could request a hearing within 30 days; a final decision would be due 60 days after the hearing. Using an open, public, decentralized network would not be a valid reason to deny. This section would take effect the earlier of 12 months after enactment or 120 days after regulators issue final rules for this section.
Interoperability standards and foreign access pathway
If enacted, federal regulators would study and, if needed, set technical standards to help different stablecoins work together, in consultation with NIST and States. Treasury would publish a list of countries with comparable rules. Foreign issuers from those countries could be allowed if they agree to U.S. reporting and exams. If a country is removed from the list, custodians would get a 90‑day safe harbor.
Easier interstate operations and state certification
If enacted, a State‑qualified issuer could do business in another State by giving at least 30 days’ notice, without a new license. The issuer would follow its home State rules, plus any extra rules in a host State with a certified regime. States could certify their regimes starting the earlier of one year after enactment or 60 days after federal rulemaking. Certifications would stand unless the Treasury rejects them with reasons; States would get at least 180 days to fix issues and could appeal.
Permitted stablecoins not treated as securities
If enacted, payment stablecoins from permitted issuers would not be counted as “securities” under major federal securities laws. This would lessen securities‑law duties for those issuers. The change would apply only to coins from permitted issuers and would take effect upon enactment.
Free Policy Watch
You just read the policy. Now see what it costs you.
Pick a topic. PRIA runs your household against live legislation and sends you a free personalized readout.
Pick a topic to get started
Sponsors & CoSponsors
Sponsor
Rep. Steil, Bryan [R-WI-1]
WI • R
Cosponsors
Rep. Hill, J. French [R-AR-2]
AR • R
Sponsored 3/26/2025
Rep. Torres, Ritchie [D-NY-15]
NY • D
Sponsored 3/26/2025
Emmer
MN • R
Sponsored 3/26/2025
Huizenga
MI • R
Sponsored 3/26/2025
Rep. Meuser, Daniel [R-PA-9]
PA • R
Sponsored 3/26/2025
Rep. Kim, Young [R-CA-40]
CA • R
Sponsored 3/26/2025
Moore (NC)
NC • R
Sponsored 3/26/2025
Downing
MT • R
Sponsored 3/26/2025
Haridopolos
FL • R
Sponsored 3/26/2025
Rep. Gottheimer, Josh [D-NJ-5]
NJ • D
Sponsored 3/26/2025
Liccardo
CA • D
Sponsored 3/26/2025
Timmons
SC • R
Sponsored 3/27/2025
Rep. Lawler, Michael [R-NY-17]
NY • R
Sponsored 3/31/2025
Rep. Nunn, Zachary [R-IA-3]
IA • R
Sponsored 3/31/2025
Rose
TN • R
Sponsored 4/1/2025
Stutzman
IN • R
Sponsored 4/1/2025
Rep. Thanedar, Shri [D-MI-13]
MI • D
Sponsored 4/28/2025
Roll Call Votes
No roll call votes available for this bill.
View on Congress.govTake It Personal
Get Your Personalized Policy View
Take the PRIA Score to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in