The Committee on Financial Services of the House of US Representatives 32 votes against 17 adopted a bill on the transparency and accountability of stablecoins to improve the registry economy.

The vote took place despite opposition from the members of the Committee from the Democratic Party, insisting on preliminary amendments to the draft law. In particular, amendments forbidden by US President Donald Trump, members of his cabinet of ministers, as well as closest relatives, were proposed to take part in cryptocurrency projects involving the emission of stablecoins.

Democrats expressed concern that otherwise, people who are looking for the locations of the US government and Trump will be forced to own these assets. According to the critics of the bill, this will not only lead to a conflict of interests, but can also potentially become a way of personal enrichment of the president’s family and his political environment.

For its part, the initiators of the bill Congressman Bryan Steil and the Chairman of the Committee French Hill announced the insolvency of the position of opponents, including the potential ties of the current administration of the White House with cryptocurrency projects, including entering the Steabelcoin market with USD1 through World Liberty Financial.

Politicians noted that the bill establishes the rules regarding all the stablecoins tied to the US dollar, and is aimed at ensuring that their potential issuers provide comprehensive information about their business and how they ensure the liquidity of assets.

“If you support innovations in the field of consumer protection, you should vote for the basic bill,” said Brian Stile.

Earlier, the son of US President Eric Trump said that the pressure exerted through the closing of accounts in banks, and the abolition culture prompted his family to start actively maintaining the crypto industry.