Senator Bill Hagerty, a Republican, introduced the bill "Guiding and Establishing National Innovation for American Stablecoins" to create a regulatory framework for stablecoins, supported by members from both the Democratic and Republican parties, including Kirsten Gillibrand, Tim Scott, and Cynthia Lummis. The bill imposes standards for linking stablecoins to assets such as Treasury bonds and the dollar, requiring issuers to provide audited monthly financial reports. The law divides regulatory responsibilities between the federal government and state governments, adopting "light" standards to regulate the sector.

This proposal comes after previous legislative attempts, such as the House bill led by Maxine Waters and Patrick McHenry, which stalled due to disagreements over the role of local regulators. It coincides with former President Donald Trump's support to enhance the United States' leadership in the cryptocurrency space, as he issued an executive order in August to form a federal task force to regulate digital assets.