Senators Lummis and Gillibrand introduced the Payment Stablecoin Act to regulate stablecoins, ensuring they’re backed by assets and preventing illicit use.
Ripple plans to launch its stablecoin, backed by US dollar reserves, pending the progress of the new legislation.
United States Senators Kirsten Gillibrand and Cynthia Lummis unveiled the Lummis-Gillibrand Payment Stablecoin Act on April 17. The bill, drafted over months, aims to address concerns surrounding stablecoin issuance and usage, focusing on bolstering the stability of the US dollar, fostering responsible innovation, safeguarding consumers, and combating illicit financial activities.
The proposed legislation targets “unbacked, algorithmic stablecoins” and mandates one-to-one reserves for issuers, echoing the need for stability witnessed after TerraUSD’s depegging incident in 2022. It introduces stringent regulatory regimes at both state and federal levels, aiming to provide clear guidelines for stablecoin firms whil

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