US Senators Cynthia Lummis and Kirsten Gillibrand introduced a bill to regulate the use of stablecoins in the country. The bill proposes a framework for state and federal oversight of stablecoin issuers, establishes a Federal Deposit Insurance Corporation process for potential failures, and bans algorithmic stablecoins entirely. However, the industry has expressed concerns regarding the lack of provisions to accommodate crypto-anchored tokens such as DAI and a general ban on algorithmic stablecoins.