The Lummis-Gillibrand Payment Stablecoin Act had been in the works for some months.
The law also sought to preserve the existing system of state and federal charters.
Legislation outlining a legal framework for payment stablecoins has been introduced by US Senators Kirsten Gillibrand and Cynthia Lummis. The Lummis-Gillibrand Payment Stablecoin Act, which the two senators announced on April 17, had been in the works for some months and was scheduled to be unveiled in 2024.
Prohibiting “unbacked, algorithmic stablecoins” (presumably a reference to TerraUSD’s (UST) 2022 depegging from the US dollar), the law also mandated one-to-one reserves for issuers, established state and federal regulatory regimes for businesses, and forbade the illegal use of stablecoins, according to Gillibrand and Lummis.
Senator Gillibrand stated:
“Passing a regulatory framework for stablecoins is absolutely critical to maintaining the U.S. dollar’s dominance, promoting responsible innovati
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