American stablecoin legislation took another big step Wednesday when a representative committee in the house joined Senate’s colleagues in promoting a bill to be considered by the overall house, which brought stableecoin rules closer to reality.

Any approvals in both the overall house and the Senate would allow lawmakers to begin to melt the two versions into a single piece of legislation that could get a last nod. Republican legislators and President Donald Trump has aimed at an August goal of getting the efforts completed.

Although the crypto industry and their most reliable Republican allies in Congress were pleased to welcome many Democrats to the yes by moving stableecoin transparency and accountability for a better headbox economy (stable act) out of House Financial Services Committe on Wednesday, Democrats raised the Democrats in the panel consistently concerns of Trump’s connections. Still, five Democrats joined 27 Republicans in the Committee to promote the bill following a marathon marking session.

One week before the House Committee, the focused bill in Wednesday’s marking-a session, where legislators make changes and changes in the legislation-notified Trump-bound World Liberty Financial (WLFI) that it supports its own stableecoin (USD1). Trump has been very active in crypto, including by selling non-funny symbols (NFTs) and Memecoin $ Trump, although he is pushing for crypto-reflection policies at the federal level.

American regulation of stableecoins-generally dollar-bound tokens, such as Tether’s USDT and Circle’s USDC-is one of the two top political priorities for the industry. And committee chairman French Hill argued on behalf of the industry that “Innovation needs protective frames, not roadblocks.”

Republican members refused to discuss President Trump’s industrial involvement in explicit terms. As waters and other Democrats pushed amendments to block the potential conflicts raised by the president’s business interests and his direct authority over regulators who would make decisions about stableecoins, they were rejected by the panel’s republicans who repeatedly called such protections “unnecessary.”

“We do not discriminate from entrepreneurs based on who they are and where they come from,” Hill said. If the government wants to cope with protection frames around this space repeatedly claimed, the best step is to adopt the bill that establishes supervision.

Representative Maxine Waters, Senior Democrat in the panel, said Trump “exploited the presidency’s power to establish more crypto schemes to enrich himself and her family”, which called it a “display of greed.”

“In contrast to someone else, he is the president of the United States,” said representative Stephen Lynch, the ranking Democrat on the panel’s Digital Assets, claiming Trump would be able to sign any government needed by his own business interests if they were to fail. “If this was a democratic president who tried to do this, Republicans’ hair would be on fire and rightly. This should not happen.”

Another Democrat, Illinois representative Sean Castin, claimed that Trons Justin Sun has put tens of thousands of millions of dollars in WLFI without any clear return than its relationship with the Trump family. He claimed that government officials bound to stableecoins could be influenced by foreign investors in a way hidden from public control.

The democratic arguments failed to move the committee’s Republican majority so that no new changes adhered to the effort. Supporters have said that this house version is largely parallel to the Senate. Representative Bill Huizenga, a Republican in Michigan, said the house version properly maintains adequate authority in the hands of state regulators offering an “easier touch at times.”

“We have an administration that is ready to embrace these products and the time is now,” Huizenga said.

This was one of a few bills for House Financial Services Committee, dealing with crypto-bound topics. Another piece of legislation that was discussed on Wednesday was one that would form a cross-border government group of law enforcement authorities to tackle illegal crypto bargain and another that would ban OS-issued Central Bank Digital Currency (CBDC). Legislators also voted for dozens of changes to stableecoin bill before voting to promote the bill itself, which got Rep. Lynch to joke that the panel may have set a record for the most unsuccessful voices in a row.

The Cross-Government Bill, the Law on the Protection of Financial Technology, adopted with unanimous support, 49-0. The Anti-CBDC Bill proposed with 27 votes in which 22 legislators voted against.

Although legislators initially had problems with their electronic voting system, they began to make good time after starting votes nearly at 1 p.m. 22.30 a – almost 12.5 hours after the marking began. Voting on all five bills wrapped at. 23:15 ET.

As the stablecoin bill continues to move forward, Trump is also ready to sign the first pro-crrypto congressional action: a decision that deletes an internal revenue service rule that targeted decentralized finance (DEFI) operations. The president is expected to sign the decision, although he has not announced a schedule to do so.

Update (March 3, 2025, 01:15 UTC): Adds voting totals.