#USStablecoinBill The **#USStablecoinBill**, formally known as the **Lummis-Gillibrand Payment Stablecoin Act**, was introduced in April 2024 by Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY). This bipartisan legislation aims to establish a clear regulatory framework for stablecoins in the United States, ensuring consumer protection, promoting innovation, and preserving the dominance of the U.S. dollar in the digital economy.([Senator Cynthia Lummis][1])

**Key Provisions:**

* **Reserve Requirements**: Issuers must maintain one-to-one reserves, ensuring that stablecoins are fully backed by cash and cash-equivalents. ([Senator Cynthia Lummis][1])

* **Issuance Restrictions**: Only U.S.-approved issuers can issue dollar-backed stablecoins, prohibiting algorithmic stablecoins.

* **Regulatory Oversight**: The bill preserves the dual banking system, granting both federal and state agencies roles in chartering and enforcement.

While the bill has garnered support from key financial regulators, it has faced criticism from some in the crypto community, who argue it may stifle innovation.

As of May 2025, the bill's progress is uncertain due to internal disagreements among lawmakers.

[1]: https://www.lummis.senate.gov/press-releases/lummis-gillibrand-introduce-bipartisan-landmark-legislation-to-create-regulatory-framework-for-stablecoins/?utm_source=chatgpt.com "Lummis, Gillibrand Introduce Bipartisan Landmark Legislation to Create Regulatory Framework for Stablecoins » Senator Cynthia Lummis"