House Democrats are working on their own version of a stablecoin bill, which differs from the Republican effort. The Democrats' proposal focuses more on consumer protection and gives the Federal Reserve veto power over stablecoin issuers' registration. The bill defines "payment stablecoins" as a specific classification of digital assets, and the Democrats' version calls for a moratorium on algorithmic stablecoins. The committee is set to hold another hearing on stablecoins legislation on May 18.