"US Senators Advocate for Comprehensive Stablecoin Regulation"

Senators Cynthia Lummis and Kirsten Gillibrand have introduced a comprehensive stablecoin legislation bill in the US, aiming to establish clear rules for the issuance and regulation of payment stablecoins. The bill includes definitions and rules for firms issuing stablecoins, requiring them to conduct activities through subsidiaries and maintain one-to-one reserves for stablecoins. It also prohibits the issuance of algorithmic stablecoins and places a $10 billion cap on state regulators' supervision of non-depository trust companies in the stablecoin space. The senators are optimistic about the bill's momentum and hope to push it through before election season takes over.