Lummis and Gillibrand release bipartisan stablecoin legislation

Lummis and Gillibrand announced the long-awaited legislation on Wednesday morning. The Lummis-Gillibrand Payment Stablecoin Act creates a regulatory framework for payment stablecoins, which have quickly grown in popularity over the last few years. and ether. Stablecoins, which now make up a multibillion-dollar market, tie their value to an underlying asset, such as gold or fiat currency. The backing of assets is meant to ensure they don’t wildly fluctuate in value.

The Lummis-Gillibrand legislation requires stablecoin issuers to maintain one-to-one reserves and bans unbacked, algorithmic stablecoins. It also prevents the illegal or unauthorized use of stablecoins by issuers and users.financial The legislation makes it so that U.S.-approved issuers may only issue dollar-backed stablecoins. It also gives the Federal Deposit Insurance Corporation power of conservatorship and resolution if a stablecoin company experiences insolvency.United States

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