US Lawmakers Bring New Stablecoin Bill to Bring Clarity to the Crypto Space

• US Senators Kirsten Gillibrand and Cynthia Lummis introduced a new stablecoin bill.
• The bill is named “bipartisan Lummis-Gillibrand Payment Stablecoin Act.”
• The goal is to establish a new set of regulations for stablecoin issuers.

Junior United States senators from New York and Wyoming, Kirsten Gillibrand and Cynthia Lummis have introduced a new stablecoin bill in the country to bring clarity in the digital asset space. 

In a press release, the lawmakers stated that they have introduced the “bipartisan Lummis-Gillibrand Payment Stablecoin Act” in the United States to establish comprehensive regulations that aim to protect consumers, enable innovation and promote U.S. dollar dominance while preserving the dual banking system. 

“Passing a regulatory framework for stablecoins is critical to protecting consumers, promoting responsible innovation, and cracking down on money laundering and illicit finance,” said Gillibrand in an X post.

A one-page explanation of the bill noted that following the collapse of digital asset trading platform FTX, “proper custody practices for issuers are essential.” As a result, the new stablecoin bill will prev…

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