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H.R. 2392119th CongressFinance and Financial Sector
STABLE Act of 2025
Sponsored by Rep. Bryan Steil (R-WI) · 17 active : 13 Republicans, 4 Democrats
Latest action: Placed on the Union Calendar, Calendar No. 68.
Where it standsBefore the House66 representatives score as swing votes
Hasn’t passed either chamber
- House: next
- Senate: not yet
- President: not yet
Summary
, via Congress.govStablecoin Transparency and Accountability for a Better Ledger Economy Act of 2025 or the STABLE Act of 2025
This bill establishes a regulatory framework for payment stablecoins (digital assets which an issuer must redeem for a fixed value).
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Under the bill, only permitted issuers may issue a payment stablecoin in the United States, subject to certain exceptions. Permitted issuers must be a subsidiary of an insured depository institution, a federal-qualified nonbank payment stablecoin issuer, or a state-qualified payment stablecoin issuer. Permitted issuers must be regulated by the appropriate federal or state regulator. A state regulator must certify that the state regulatory regime meets or exceeds federal requirements as established by the bill.
Permitted issuers must maintain reserves backing the stablecoin on a one-to-one basis using U.S. currency or other similarly liquid assets, as specified. Permitted issuers must also publicly disclose their redemption policy and publish monthly the details of their reserves.
The bill specifies requirements for (1) reusing reserves; (2) providing safekeeping services for stablecoins; and (3) supervisory, examination, and enforcement authority over federal-qualified issuers.
The bill places a two-year moratorium on new endogenously collateralized stablecoins (i.e., stablecoins that rely on the value of another digital asset created or maintained by the same originator to maintain the fixed price).
Under the bill, permitted payment stablecoins are not considered securities under securities law. However, permitted issuers are subject to the Bank Secrecy Act for anti-money laundering and related purposes.
Committees and subjects
Committees
- House Committee on Financial Services · HouseReported by · Markup by · Referred to
Subjects
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Civil actions and liability
- Computer security and identity theft
- Computers and information technology
- Congressional oversight
- Consumer affairs
- Currency
- Digital media
- Financial services and investments
- Fraud offenses and financial crimes
- Government studies and investigations
Show all 15 subjects
- Judicial procedure and administration
Model
Directional: count only breaks toward the other partyWhy do scores change?v3default (selected)v2 model swing-v2
How the Senate breaks down
- 11Swing 70–100
- 65Middle 30–70
- 24Entrenched 0–30
Members fall into . All 100 senators have enough data to score. The bill is not before the Senate right now; these scores show where members would stand.
Key players in the Senate
Ranked by swing score, 0–100 · swing-v3, directional: only movement toward the other party counts, so members who sit further from the center than their party no longer score as swing votes.
Bars show each input from 0 to 100: ideology gap, scorecard gap, , and the . is the seat’s partisan lean, and shows how much of the input data a score has.
Similar past votes, Senate
Earlier behind swing-v3’s inputLoading similar votes
Cosponsors
17 activeShow all 17 cosponsors
- Bill Huizenga (R-MI-4)
- Daniel Meuser (R-PA-9)
- J. French Hill (R-AR-2)
- Josh Gottheimer (D-NJ-5)
- Mike Haridopolos (R-FL-8)
- Ritchie Torres (D-NY-15)
- Sam T. Liccardo (D-CA-16)
- Tim Moore (R-NC-14)
- Tom Emmer (R-MN-6)
- Troy Downing (R-MT-2)
- Young Kim (R-CA-40)
- William R. Timmons (R-SC-4)
- Michael Lawler (R-NY-17)
- Zachary Nunn (R-IA-3)
- John W. Rose (R-TN-6)
- Marlin A. Stutzman (R-IN-3)
- Shri Thanedar (D-MI-13)
How the swing score works
Ideology gapHow far a member’s DW-NOMINATE voting score sits from their party’s median in the same chamber.
Scorecard gapHow far their Heritage Action and LCV ratings stray from their party’s average, using the groups’ votes on similar bills where available.
Cross-pressureHow strongly their district or state leans toward the other party, from our own computed partisan lean.
Similar votesHow often they voted against their own party on earlier roll calls about this bill or similar ones.
Committee bonusMembers of the committees handling the bill decide whether it moves, so they get a boost.
Cosponsor checkThe sponsor and active cosponsors have already committed, so they drop toward entrenched.
