"Passing a regulatory framework for stablecoins is absolutely critical to maintaining the U.S. dollar's dominance, promoting responsible innovation, protecting consumers and cracking down on money laundering and illicit finance," Gillibrand said in the news release.
Gillibrand added that her and Lummis' offices "worked closely with the relevant federal and state agencies" to develop the bill, and she said she’s "confident this legislation can earn the necessary support in the Senate and the House."
"Passing this bipartisan solution is critical to maintaining the U.S. dollar's dominance and making certain the U.S. remains the world leader in financial innovation,” Lummis said in the release.
The bill comes at a time when Washington lawmakers are still navigating how best to regulate digital assets.
In July, the House Financial Services Committee advanced two digital asset bills, including one aimed at regulating digital commodities and securities, and one aimed at regulating stablecoins, though neither bill has made further progress as of yet. The House Agriculture Committee also advanced the former bill in July.
Lummis and Gillibrand reintroduced another bill in July, known as the Lummis-Gillibrand Responsible Financial Innovation Act, which would give the Commodity Futures Trading Commission authority over digital commodities, among other things.
In a surprise move, Senate Banking Committee Chair Sherrod Brown, D-Ohio, who is known as a crypto skeptic, said in a Bloomberg interview that he's open to supporting a bill to regulate stablecoins, the news outlet reported April 16. Passing stablecoin legislation is a priority for House Financial Services Chair Patrick McHenry, R-N.C., who is retiring at the end of his term, according to Bloomberg.
