US senators Cynthia Lummis and Kirsten Gillibrand have jointly unveiled bipartisan legislation aimed at creating a clear regulatory framework for payment stablecoins, according to an April 17 statement.
Dubbed the Lummis-Gillibrand Payments Stablecoin Act, the proposed law wants to “protect consumers, enable innovation, and promote US dollar dominance while preserving the dual banking system.”
Speaking on the bill, Senator Lummis said:
“[The bill] preserves our dual banking system and install guardrails that protect consumers and prevent illicit finance while ensuring we don’t derail innovation.”
Stablecoins like Tether’s USDT and Circle’s USDC are some of the most popular digital assets in the crypto market. These assets are increasingly used for payment, and US Treasury Deputy Secretary Adewale Adeyemo recently claimed that Russia was utilizing them, particularly USDT, to bypass economic sanctions.
The bill details
The bill, which represents a more targeted approach tha
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