119th Congress · introduced in the House · Mar 26, 2025
STABLE Act of 2025
Official title from Congress.gov
Latest action (May 6, 2025): Placed on the Union Calendar, Calendar No. 68.
View on Congress.govPolicy area: Finance and Financial Sector
Congressional Research Service summary, version: Introduced in House (Mar 26, 2025)
Stablecoin 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).
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).
Show the full summary (1 more paragraphs)Includes amendment, cloture, and procedural votes. Each is labeled with its exact question; only a passage question is a vote to pass the bill.
No recorded roll calls on this bill in coverage.
Placed on the Union Calendar, Calendar No. 68.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-94.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-94.
Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 17.
Committee Consideration and Mark-up Session Held
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
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LD-2 reports whose issue descriptions explicitly cite this bill (bill type and number validated against Congress.gov records). A citation does not establish the client's position or any contact with a member.
Loading lobbying reportsCoverage: reports for 2025 onward, posted Jan 1, 2025 through Oct 24, 2026.
454 citations; showing the 25 most recently posted.
CITIGROUP WASHINGTON, INC. · lobbying firm or registrant: CITIGROUP WASHINGTON, INC.
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 21, 2026 · issue area: Financial Institutions/Investments/Securities
$1,330,000
Spent on own lobbying
…netize U.S. gold reserves Met with the House on Federal Reserve master account issues Draft legislation - Banking Regulator Accountability Act - all provisions H.R.2392, Stablecoin Transparency and Accountability for a Better Ledger Economy Act of 2025 - all provisions H.R.2548/S.1241, Sanctioning Russia Act of 2025 - all prov…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
FEDERAL HALL POLICY ADVISORS, LLC ON BEHALF OF DEFI EDUCATION FUND · lobbying firm or registrant: GOLDSTEIN POLICY SOLUTIONS LLC
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 20, 2026 · issue area: Financial Institutions/Investments/Securities
$30,000
Paid to lobbying firm
H.R. 148, Keep Your Coins Act of 2025 H.R. 2392, Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act of 2025 H.R. 2978, Guarding Unprotected Aging Retirees from Deception (GUA…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
FEDERAL HALL POLICY ADVISORS, LLC ON BEHALF OF DEFI EDUCATION FUND · lobbying firm or registrant: GOLDSTEIN POLICY SOLUTIONS LLC
2026 Q2 report (Apr 1, 2026 – Jun 30, 2026) · amended · posted Oct 20, 2026 · issue area: Financial Institutions/Investments/Securities
$30,000
Paid to lobbying firm
H.R. 148, Keep Your Coins Act of 2025 H.R. 2392, Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act of 2025 H.R. 2978, Guarding Unprotected Aging Retirees from Deception (GUA…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
FEDERAL HALL POLICY ADVISORS, LLC ON BEHALF OF DEFI EDUCATION FUND · lobbying firm or registrant: GOLDSTEIN POLICY SOLUTIONS LLC
2026 Q1 report (Jan 1, 2026 – Mar 31, 2026) · posted Oct 20, 2026 · issue area: Financial Institutions/Investments/Securities
$30,000
Paid to lobbying firm
H.R. 148, Keep Your Coins Act of 2025 H.R. 2392, Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act of 2025 H.R. 2978, Guarding Unprotected Aging Retirees from Deception (GUA…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
FEDERAL HALL POLICY ADVISORS, LLC ON BEHALF OF DEFI EDUCATION FUND · lobbying firm or registrant: GOLDSTEIN POLICY SOLUTIONS LLC
2025 Q4 report (Oct 1, 2025 – Dec 31, 2025) · posted Oct 20, 2026 · issue area: Financial Institutions/Investments/Securities
$30,000
Paid to lobbying firm
H.R. 148, Keep Your Coins Act of 2025 H.R. 2392, Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act of 2025 H.R. 2978, Guarding Unprotected Aging Retirees from Deception (GUA…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
FEDERAL HALL POLICY ADVISORS, LLC ON BEHALF OF DEFI EDUCATION FUND · lobbying firm or registrant: GOLDSTEIN POLICY SOLUTIONS LLC
2025 Q3 report (Jul 1, 2025 – Sep 30, 2025) · posted Oct 20, 2026 · issue area: Financial Institutions/Investments/Securities
$30,000
Paid to lobbying firm
H.R. 148, Keep Your Coins Act of 2025 H.R. 2392, Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act of 2025 H.R. 2978, Guarding Unprotected Aging Retirees from Deception (GUA…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
CITIGROUP WASHINGTON, INC. · lobbying firm or registrant: CITIGROUP WASHINGTON, INC.
2025 Q4 report (Oct 1, 2025 – Dec 31, 2025) · amended · posted Oct 20, 2026 · issue area: Financial Institutions/Investments/Securities
$1,270,000
Spent on own lobbying
…t with the House and Senate on proposals to revalue and demonetize U.S. gold reserves Draft legislation - Banking Regulator Accountability Act - all provisions H.R.2392, Stablecoin Transparency and Accountability for a Better Ledger Economy Act of 2025 - all provisions H.R.2548/S.1241, Sanctions Russia Act of 2025 - all provis…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
GOWEST CREDIT UNION ASSOCIATION · lobbying firm or registrant: GOWEST CREDIT UNION ASSOCIATION
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 20, 2026 · issue area: Financial Institutions/Investments/Securities
$60,000
Spent on own lobbying
…582; S. 1880; S. 2019; S. 2296; S. 2999; S. 3017; S. 3355; S. 3674; S. 3684; H.R. 654; H.R. 814; H.R. 975; H.R. 987; H.R. 1603; H.R. 1652; H.R 1791; H.R. 1799; H.R. 2392; H.R. 3633; H.R. 5900; H.R. 6644; H.R. 6936; H.R. 6955; H.R. 7056; H.R. 7148; H.R. 7548; H.R. 7647; H.R. 7775; H.R. 8087; H.R. 9331; H.R. 4167; H.R. 10082; H.R…
Congress inferred from the report year; bill number matches Congress.gov records and the bill predates the report; no title was cited with it. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
GOWEST CREDIT UNION ASSOCIATION · lobbying firm or registrant: GOWEST CREDIT UNION ASSOCIATION
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 20, 2026 · issue area: Banking
$60,000
Spent on own lobbying
…582; S. 1880; S. 2019; S. 2296; S. 2999; S. 3017; S. 3355; S. 3674; S. 3684; H.R. 654; H.R. 814; H.R. 975; H.R. 987; H.R. 1603; H.R. 1652; H.R 1791; H.R. 1799; H.R. 2392; H.R. 3633; H.R. 5900; H.R. 6644; H.R. 6936; H.R. 6955; H.R. 7056; H.R. 7148; H.R. 7548; H.R. 7647; H.R. 7775; H.R. 8087; H.R. 9331; H.R. 4167; H.R. 10082; H.R…
Congress inferred from the report year; bill number matches Congress.gov records and the bill predates the report; no title was cited with it. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
PATHWARD, N.A. · lobbying firm or registrant: PATHWARD, N.A.
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 20, 2026 · issue area: Banking
$160,000
Spent on own lobbying
Banking and Fintech issues. Durbin Amendment on Interchange to Dodd-Frank. Section 1071 Small Business Data Collection. S. 1582, GENIUS Act. H.R. 2392, STABLE Act of 2025. H.R. 3633, Digital Asset Market Clarity Act of 2025 (CLARITY Act). Regulatory supervisory practices. Earned Wage Access Consumer Protectio…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
PUDGY PENGUINS, INC. · lobbying firm or registrant: INVARIANT LLC
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 20, 2026 · issue area: Financial Institutions/Investments/Securities
$80,000
Paid to lobbying firm
Educate Members of Congress on cryptocurrency issues and legislation, including P.L. 119-27, the GENIUS Act; H.R. 2392, the STABLE Act of 2025; and H.R. 3633, the CLARITY Act of 2025. Monitor cryptocurrency proposals.
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
XAPO BANK LIMITED · lobbying firm or registrant: INVARIANT LLC
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 20, 2026 · issue area: Banking
$80,000
Paid to lobbying firm
…rs on Xapo's business model. Educate Members of Congress on stablecoin and cryptocurrency issues and legislation, including H.R. 3633, the CLARITY Act of 2025; H.R. 2392, the STABLE Act of 2025; S.954, the BITCOIN Act; and P.L. 119-27, the GENIUS Act of 2025. Monitor cryptocurrency proposals.
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
XAPO BANK LIMITED · lobbying firm or registrant: INVARIANT LLC
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 20, 2026 · issue area: Financial Institutions/Investments/Securities
$80,000
Paid to lobbying firm
Educate Members of Congress on stablecoin and cryptocurrency issues and legislation, including P.L. 119-27, the GENIUS Act; H.R. 2392, the STABLE Act of 2025; and H.R. 3633, the CLARITY Act of 2025. Monitor cryptocurrency proposals.
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
RAMP BUSINESS CORPORATION · lobbying firm or registrant: INVARIANT LLC
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 20, 2026 · issue area: Financial Institutions/Investments/Securities
$90,000
Paid to lobbying firm
…g card issuers. Monitor proposals related to cryptocurrency, crypto legislation, and market structure proposals, including P.L. 119-27, the GENIUS Act of 2025; H.R. 2392, the STABLE Act of 2025; and H.R. 3633, the CLARITY Act of 2025.
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
PWC US GROUP LLP · lobbying firm or registrant: PWC US GROUP LLP
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 20, 2026 · issue area: Accounting
$810,000
Spent on own lobbying
…rnational accounting business; Digital assets, attestation issues related to proof of reserves, and stablecoin legislation, GENIUS Act (S. 394) and STABLE Act (H.R. 2392).
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
BANK POLICY INSTITUTE · lobbying firm or registrant: BANK POLICY INSTITUTE
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 20, 2026 · issue area: Banking
$520,000
Spent on own lobbying
….R. 9303, Protecting Consumers from Payment Scams Act; S.1582, Guiding and Establishing National Innovation for U.S. Stablecoins Act or the GENIUS Act of 2025; H.R. 2392, Stablecoin Transparency and Accountability for a Better Ledger Economy Act of 2025 (STABLE Act of 2025); S.J. Res. 18, A joint resolution disapproving the rul…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
PAYPAL, INC. · lobbying firm or registrant: FRANKLIN SQUARE GROUP, LLC
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 20, 2026 · issue area: Financial Institutions/Investments/Securities
$50,000
Paid to lobbying firm
Policy issues related to digital assets and financial technology; H.R. 2392, STABLE Act of 2025; H.R. 3633, Digital Asset Market Clarity Act of 2025; S. 1582, GENIUS Act; Discussion Draft of Responsible Financial Innovation Act of 2025
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AMERICAN BANKERS ASSOCIATION · lobbying firm or registrant: AMERICAN BANKERS ASSOCIATION
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 20, 2026 · issue area: Banking
$3,100,000
Spent on own lobbying
…Regulation Management (FIRM) Act H.R. 1919/S. 1124, the Anti-CBDC Surveillance State Act H.R. 976/S. 557, the 1071 Repeal to Protect Small Business Lending Act H.R. 2392, the Stablecoin Transparency and Accountability for a Better Ledger Economy Act of 2025 (STABLE Act) S. 394/ S.919, Guiding and Establishing National Innovatio…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
DIGITAL CURRENCY GROUP · lobbying firm or registrant: DIGITAL CURRENCY GROUP
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 20, 2026 · issue area: Financial Institutions/Investments/Securities
$310,000
Spent on own lobbying
…rms to examine embedded supervision and regulation of decentralized protocols, and for other purposes. H.R. 148, Keep Your Coins Act of 2025 S. 919, GENIUS Act H.R. 2392, STABLE Act H.R. 2384, Financial Technology Protection Act H.R.216, Securities Enforcement Clarity Act of 2025 H.R. 2365, Securities Clarity Act H.R.2032, BITC…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
COINFLIP · lobbying firm or registrant: INVARIANT LLC
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 20, 2026 · issue area: Financial Institutions/Investments/Securities
$50,000
Paid to lobbying firm
Monitor digital assets and cryptocurrency proposals and regulations, including P.L. 119-27, the GENIUS Act; H.R. 2392, the STABLE Act of 2025; H.R. 3633, the CLARITY Act of 2025; S. 710, the Crypto ATM Fraud Prevention Act of 2025, and H.R. 9268, the Stop Crypto ATM Scams Act.…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
NATIONAL VENTURE CAPITAL ASSOCIATION · lobbying firm or registrant: NATIONAL VENTURE CAPITAL ASSOCIATION
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 20, 2026 · issue area: Banking
$671,823
Spent on own lobbying
…ce issues; Blockchain regulatory and policy issues; Digital Asset Market Clarity (CLARITY) Act (H.R. 3633), GENIUS Act of 2025 (S.394), and STABLE Act of 2025 (H.R.2392); JOBS Act modernization; Developing and Empowering our Aspiring Leaders (DEAL) Act; Improving Capital Allocation for Newcomers (ICAN) Act; S. 2906, Expanding…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
NATIONAL VENTURE CAPITAL ASSOCIATION · lobbying firm or registrant: NATIONAL VENTURE CAPITAL ASSOCIATION
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 20, 2026 · issue area: Agriculture
$671,823
Spent on own lobbying
Blockchain regulatory and policy issues; Digital Asset Market Clarity (CLARITY) Act (H.R. 3633), GENIUS Act of 2025 (S.394), and STABLE Act of 2025 (H.R.2392)
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AMERICAN ASSOCIATION FOR JUSTICE · lobbying firm or registrant: AMERICAN ASSOCIATION FOR JUSTICE
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 20, 2026 · issue area: Financial Institutions/Investments/Securities
$1,580,000
Spent on own lobbying
HR 2392, STABLE Act of 2025. S. 394, GENIUS Act of 2025. General lobbying on the importance of minority viewpoints on the Securities and Exchange Commission. General l…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
PAYPAL · lobbying firm or registrant: THORN RUN PARTNERS
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 20, 2026 · issue area: Taxation/Internal Revenue Code
$50,000
Paid to lobbying firm
H.R.2392 - STABLE Act of 2025. S.394 - GENIUS Act of 2025.
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
CF SECURED LLC · lobbying firm or registrant: MILLER STRATEGIES, LLC
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 20, 2026 · issue area: Financial Institutions/Investments/Securities
$120,000
Paid to lobbying firm
General issues around legislation related to stablecoins; including H.R. 2392 - STABLE Act of 2025 and S.919 - GENIUS Act of 2025.
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing