Odaily Planet Daily News: Bill Hagerty, a pro-cryptocurrency U.S. Senator, has released a draft for legislative discussion aimed at creating a regulatory framework for stablecoins, which is very similar to what is being done in the House of Representatives. Republican Hagerty said in a statement on Thursday that his draft legislation "provides much-needed regulatory clarity." The draft is very close to the Clarity for Payment Stablecoins Act drafted by Republican Rep. Patrick McHenry and Democrat Maxine Waters in the House of Representatives. "This is Senator Hagerty's version of the McHenry-Waters bill," a spokesman for the senator said in an emailed statement. Hagerty is also a member of the Senate Banking Committee, which has jurisdiction over major institutions including the U.S. SEC. The spokesman said that Hagerty's draft adopts the structure of the House bill while dividing federal supervision into the Federal Reserve's supervision of banks and the Office of the Comptroller of the Currency's supervision of non-bank institutions. The draft will include a provision that issuers exceeding the $10 billion threshold may be exempted from federal regulators and then continue to be subject to the jurisdiction of their states. The draft legislation also includes maintaining foreign exchange reserves denominated in U.S. dollars on a one-to-one basis. (The Block)