The US House Financial Services Committee voted on Wednesday to move forward with an important bill to regulate stablecoins. The bill, called Stablecoin Transparency and Accountability for a Better Ledger Economy, passed the committee's resolution on Wednesday by a vote of 32 to 17. French Hill, chairperson of the House Financial Services Committee, urged passage of the bill during an hours-long hearing, saying regulation was critical to "global competitiveness." Blockchain technology will continue to change the way money flows, "Hill said." In fact, policymakers, regulators and law enforcement must keep up with these changes. " Hill and Wisconsin Rep. Bryan Steil introduced the STABLE bill last week, which would establish a framework for dollar-denominated stablecoins. The bill has reserve and capital requirements, including one-to-one backing and anti-money laundering standards.