Internet reported that the U.S. House Financial Services Committee voted on Wednesday to advance 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 with a vote of 32 to 17. French Hill, chairman of the House Financial Services Committee, urged passage of the bill during a hours-long hearing and said regulation was crucial to "global competitiveness." "Hill said: " Blockchain technology will continue to change the way money flows. "In fact, policymakers, regulators and law enforcement must keep up with these changes." Hill and Wisconsin Rep. Bryan Steil last week introduced a bill known simply as STABLE that would establish a framework for dollar-denominated stablecoins. The bill has reserve and capital requirements, including one-to-one support and anti-money laundering standards.