Maxine Waters’ stablecoin regulation proposal, unveiled on February 10 2025, differs from an earlier STABLE Act proposal by Republicans French Hill and Bryan Steil by maintaining Federal Reserve oversight, whereas the Republican bill shifts regulatory authority to the Office of the Comptroller of the Currency (OCC)

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Rep. Hill’s bill contrasts with Rep. Waters’ proposal, as it assigns stablecoin oversight to the OCC rather than the Federal Reserve, which Waters had advocated.

That Republican-led draft also builds on work done over the past few years, though it has a few differences. For example, it gives the Office of the Comptroller of the Currency the authority to 'approve and supervise federally qualified nonbank payment stablecoin issuers' instead of including a federal path through the Federal Reserve for 'payment stablecoin issuers