The US Senate is quickly approaching a final vote on the regulation of stableecoins, which would be a high watermark for crypto crushes in Congress, but representative French Hill said the Senate’s bill has some important differences with similar efforts in the House of Representatives and these would be broken down before it can be allowed.
“The bills are essentially the same,” said Hill, chairman of the House Financial Services Committee, who has been at the forefront of the congressional negotiations on stablecoins for years, at an Atlantic Council event on Tuesday. “There are some differences that are not invincible but need to be fixed and clarified.”
Hill said that one of the prominent differences includes the house’s harsher demands for “reciprocity” of international regulation over foreign issuers of stableecoins that may be trading in the United States – a category most often associated with the leading global token, Tether’s
.
“You can either be registered in the United States and be a US company under the StableCOin Act, and you are fully against, or you are in a jurisdiction recognized by the United States to have a significant similar regime and enforcement,” Hill said, noting that the house’s version – which cleared his selection with Bipartisan support, but has not been subjected to a floor voting –
However, he noticed “We do not know the final text at their bill”, which is still being negotiated and changed.
Hill also said the house bill has a “cleaner” path to determine which units at the state or federal level regulate issuers, depending on their business models.
And the two chambers pursued different approaches to letting non-financial companies issue stablecoins that affect many years of concerns about the traditional separation of banking and trade and have drawn criticism from Democrats saying they are concerned about tech giants taking over the financial system. The house version says such companies are free to issue stableecoins in accordance with regulating the Currency Currency Office, while the latest Senate version said certain public companies would be banned from postponing tokens. Hill said the Senate has some work to do with clarifying his approach.
He said he wonders that the ordinary tale of stablecoin legislation is easier to pass in Congress than the more complex and far-reaching oversight of the entire crypto markets, citing the house’s success in passing the latter in the last session while hanging up on its stackocoin negotiations.
But Hill also acknowledged the years of paralysis in the Senate over Crypto Matters and said that the chamber’s recent actions on its stablecoin laws, which supervisor and establish the National Innovation for American StableCecoins (Geni), are “really important” to move the effort forward. He said he is optimistic that the house will do his part as well.
“The house is really able to hand over President Trump’s promises,” he said, referring to President Donald Trump’s desire to have stablecoin and market structure bills on his desk for signatures of the August Congressional Sprope.
In US law, both the Senate and Parliament must ultimately accept identical versions of a bill before it can be signed in the law of the president. If the Senate approves its stableecoin bill as soon as this week, Parliament has the election to vote in the same language or pursue its own. If it passes another version, the two hash should be in a compromise version that needs another round of approval in each chamber.
In recent weeks, StableCOin legislation has cleared the Senate’s banking committee and early procedural votes on the floor with massive bipartisan support. But at one point it was delayed with objections from Democrats that it did not include enough protective measures for illegal activity and that the bill should prohibit public officials as the president from participating in the company.
Hill, as he had in Consensus 2025 in Toronto, acknowledged that Trump’s personal commitment with cryptic companies – including stableecoins – has made the legislative debate more political than he liked. “It has made it more complicated because it is a distraction from the core work,” Hill said.
Read more: Trump’s Team ‘Know Nothing’ About Apparent ‘$ Trump Wallet’ Launch
