Maxime Water’s announcement of a stablecoin regulation bill came after the introduction of The STABLE Act by House Financial Services Committee Chair French Hill and Rep. Bryan Steil, which proposed shifting stablecoin oversight from the Federal Reserve to the Office of the Comptroller of the Currency (OCC).

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Last week, Rep. French Hill, the new Republican Chair of the House Financial Services Committee, submitted a draft bill for stablecoin regulation, co-sponsored by Rep. Bryan Steil. The bill would grant the OCC authority to approve and supervise payment stablecoin issuers.

According to Reps. Hill and Steil, the STABLE Act differs from a similar bill introduced in 2023, the Clarity for Payment Stablecoin Act, by giving the Office of the Comptroller of the Currency 'the authority to approve and supervise federally qualified nonbank payment stablecoin issuers.