Gottheimer helps introduce critical bipartisan cryptocurrency legislation
Establishes Framework for Stablecoins
WASHINGTON, D.C. — U.S. Congressman Josh Gottheimer (NJ-5) helped introduce the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, establishing a framework for the issuance and operation of dollar-denominated payment stablecoins in the United States.
“Cryptocurrency offers tremendous potential value for our economy, but we must ensure the proper infrastructure is in place for it to thrive here in the United States instead of overseas. That’s why I’m helping introduce the STABLE Act to encourage cryptocurrency innovation in the United States, define qualified stablecoins, protect Americans against predatory entities and terrorists, and make the sector more transparent and resilient,” said Gottheimer, a member of the House Financial Services Committee and Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence. “We shouldn’t stifle innovation in the cryptocurrency market. We should put the proper safeguards in place to ensure our nation is a leading force in financial technology.”
The legislation is also led by Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee Chairman Bryan Steil (WI-01) and House Financial Services Committee Chairman French Hill (AR-02). The bill is also cosponsored by Representatives Ritchie Torres (D-NY), Tom Emmer (R-MN), Bill Huizenga (R-MI), Dan Meuser (R-PA), Young Kim (R-CA), Troy Downing (R-MT), Mike Haridopolos (R-FL), and Sam Liccardo (D-CA).
The STABLE Act establishes a clear regulatory framework for the issuance of payment stablecoins.
The bill protects consumers by setting necessary federal guardrails for payment stablecoin issuance, redemption, and reserves, while also promoting innovation in the U.S. through a tailored approach that supports new entrants into the marketplace.
