The U.S. Senate may be fast approaching a final vote on regulating stablecoins, which would be a high-water mark for crypto legislation in Congress, but Representative French Hill said the Senate's bill has some key differences with a similar effort in the House of Representatives, and those would need to be ironed out before it can become law.

"The bills are substantially similar," said Hill, the chairman of the House Financial Services Committee that has been at the forefront of the congressional negotiation over stablecoins for years, at an Atlantic Council event on Tuesday. "There are some differences that are not insurmountable but do need to be rectified and clarified."

Hill said one of the standout differences includes the House's tougher requirements on "reciprocity" of internati

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