The new Bill mandates 1-to-1 reserves for stablecoin issuers and involves both state and federal regulators in oversight
On April 17, 2024, U.S. Senators Kirsten Gillibrand and Cynthia Lummis introduced the bipartisan Lummis-Gillibrand Payment Stablecoin Act, a landmark Bill that creates a regulatory framework for payment stablecoins. The legislation aims to protect consumers, enable innovation, and promote U.S. dollar dominance while preserving the dual banking system.