US Representatives French Hill and Bryan Steil have released a discussion draft for a bill that would establish a regulatory framework for dollar-pegged payment stablecoins in the United States. The legislation would impose a two-year moratorium on issuing an “endogenously collateralized stablecoin,

Senator Hagerty's legislation proposes a stablecoin regulatory framework, ensuring safe issuance backed by USD and stringent oversight.

The bill has garnered bipartisan support with Sens. Kirsten Gillibrand (D-N.Y.), Tim Scott (R-S.C.), and Cynthia Lummis (R-Wyo.) joining as cosponsors. The legislation proposes "light-touch" regulatory standards for the stablecoin industry and outlines the division of regulatory responsibilities between federal and state governments.