U.S. Stablecoin Bill Would Rein In Tether, Boost Coinbase And Circle, Outlaw Algorithmics

Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) introduced the Payment Stablecoin Act of 2024 on April 17. Gillibrand called it a “landmark bipartisan legislation that creates a clear regulatory framework for payment stablecoins that will protect consumers, enable innovation, and promote U.S. dollar dominance while preserving the dual banking system.” The proposed law would bring oversight and transparency to the $150 billion stablecoin industry and could be the first major crypto legislation enacted in the United States. It would also make it easier for state and federally regulated banks...