The bill aims to establish a federal regulatory framework for payment stablecoins, allowing issuers with a market value of less than $1 billion to choose state-level regulation, triggering disputes over federal and state authority. Democrats warn that loopholes in the bill could lead to systemic risks, reminiscent of the collapse crisis similar to Terra Luna. Currently, the bill is set to face a full Senate vote before May 26, but dissenting voices may force significant revisions or even delay its passage. Industry opinions on the bill's prospects are divided; supporters believe it is beneficial for crypto innovation, while opponents call for stricter federal regulation.