U.S. House Engages in Heated Debate Over Stablecoin and CBDC Regulation

# U.S. Congress Holds Hearings on Stablecoins and CBDC Regulations By Park Jae-hyeong, Special Correspondent in New York (New York) - On April 11th (local time), the United States Congress held hearings to discuss regulatory frameworks for the digital payment ecosystem, focusing on stablecoins and Central Bank Digital Currencies (CBDC). According to reports from foreign media on April 12th, the House Financial Services Committee conducted a hearing titled “Exploring the Digital Payment Ecosystem: Federal Regulation of Stablecoins and the Examination of CBDC Impacts.” The session reviewed legislation including the 2025 STABLE Act (Stablecoin Transparency and Accountability for a Better Ledger Economy Act) and the Anti-CBDC Surveillance State Act. # Contentious Debate Over Stablecoin Regulation There was a consensus among attendees on the necessity of stablecoins. Committee Chair French Hill underscored that the adoption of stablecoins is intertwined with the modernization of both the U.S. and global payment infrastructure, extending beyond the digital asset ecosystem. However, views diverged on the direction of stablecoin regulation. During this session, the STABLE Act proposed by Representative Bryan Steil and a bipartisan bill previously introduced by Maxine Waters and Patrick McHenry presented competing frameworks. Representative Maxine Waters criticized the STABLE Act for allowing fintech companies to issue stablecoins, arguing, “This and other cryptocurrency-related legislation are designed to make crypto billionaires even wealthier.” In contrast, with Representative Patrick McHenry now retired, the direction of the bill requires adjustment. Some attendees suggested revising the existing Waters-McHenry bill as a potential solution. # Partisan Divide Over CBDC Introduction Discussions about CBDCs revealed stark partisan differences. Committee Chair French Hill expressed staunch opposition to CBDCs, positing that they would lead to direct competition between the Federal Reserve and the private financial sector. Meanwhile, Democratic Representative Maxine Waters deemed the prohibition of CBDC research as “anti-American,” warning that a U.S. lag in CBDC development would allow China to dominate the digital currency race. An Atlantic Council representative present at the hearing stated, “A CBDC does not necessarily equate to a surveillance state,” and recommended renegotiating the original Waters-McHenry bill to balance stablecoin regulation.