According to BlockBeats, Democratic Senator Kirsten Gillibrand of New York has announced plans to introduce new stablecoin legislation in collaboration with Republican Senator Cynthia Lummis of Wyoming. The announcement is expected to be made later this week or early next week. Gillibrand outlined their objective as 'unleashing the potential of cryptocurrencies and realizing the original goal of Bitcoin as a payment tool.' They are working with the Federal Reserve, the Treasury Department, and the New York State Department of Financial Services to allow non-depository institutions to issue stablecoins, while promoting the safety and robustness of the industry.
Patrick McHenry, Chairman of the US House Financial Services Committee, stated that stablecoins will be a crucial first step in formulating more comprehensive US cryptocurrency laws. This move signifies a significant step towards the broader acceptance and regulation of cryptocurrencies in the United States.