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The U.S. House of Representatives has seen conflicting plans to regulate stablecoins from both Republican and Democratic legislators, underscoring the industry’s increasing significance under President Donald Trump’s leadership.
The House Financial Services Committee’s senior Democrat, Maxine Waters, has written a proposal for federal regulation of stablecoins. Under her idea, organizations like the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (OCC) are given oversight duties.
Waters’ proposal also acknowledges state-level regulatory roles but maintains a preference for federal oversight. Previously, in 2022, she strongly opposed a Republican-led House bill that permitted state regulators to approve stablecoins without Federal Reserve supervision. At the time, she argued before former Committee Chair Patrick McHenry that this approach posed significant risks.
With her recent proposal, both parties have now introduced stablecoin regulations since President Trump took office.
Meanwhile, House Republicans are pursuing a different approach. Rep. French Hill, the new Republican Chair of the House Financial Services Committee, introduced a draft bill co-sponsored by Rep. Bryan Steil. Their proposal gives the OCC authority to license and supervise nonbank stablecoin issuers, potentially opening the door for firms like Ripple to enter the $220 billion stablecoin market.
Rep. Hill’s bill differs from Waters’ in a key way—it places stablecoin oversight under the OCC rather than the Federal Reserve. Waters has previously stressed the need for a “grand bargain on stablecoins” to ensure balanced regulations.
In the Senate, Republican Senator Bill Hagerty has also introduced the “Guiding and Establishing National Innovation for U.S. Stablecoins” Act. Additionally, a bipartisan working group focused on advancing crypto legislation was unveiled at a press conference led by White House AI and crypto advisor David Sacks.