U.S. Senator: Plans to propose a new stablecoin bill this week or next week to achieve goals such as unleashing the potential of cryptocurrencies

U.S. Senator Kirsten Gillibrand, a Democrat from New York, said that while negotiations are still ongoing, she expects to introduce new stablecoin legislation with Senator Cynthia Lummis, a Republican from Wyoming, later this week or next week. Gillibrand said the goal is: "Unlocking the potential of cryptocurrencies and achieving Bitcoin's original goal as a payment tool. We are working with the Federal Reserve, the Treasury Department, and the New York State Department of Financial Services to allow non-depository institutions to issue stablecoins while promoting the safety and soundness of the industry." Last year, Lummis, a member of the Senate Banking Committee, and Gillibrand, a member of the Senate Agriculture Committee, reintroduced the Lummis-Gillibrand Responsible Financial Innovation Act, which created a comprehensive regulatory framework for all crypto assets. Regarding the new independent stablecoin legislation, Gillibrand said: "We are ensuring that state and federal regulators have regulatory authority to remove bad actors while promoting growth and innovation. We require all issuers to ensure that reserves return to a 1:1 ratio." (Forbes)