The House has passed S. 1582 – Guiding and Establishing National Innovation for U.S. Stablecoins Act, introduced by Senator Bill Hagerty, with a vote of 308-122. The bill aims to regulate payment stablecoins in the U.S., requiring issuers to maintain reserves, adhere to federal regulations, and conduct audits for compliance and transparency. Enforcement powers include cease-and-desist orders and civil penalties. Companies like COIN, USDC, and BNB may be impacted by these regulations. Senator Bill Hagerty has proposed bills like S.2205 and S.2060, and his estimated net worth is $56.1M. Hagerty’s stock trades include sales of $DDOG, $RNR, $RHP, $PNFP, and $NS.

Read more at Nasdaq: Congress Vote: The House has passed S. 1582 – Guiding and Establishing National Innovation for U.S. Stablecoins Act