SE Wyoming News

Washington, D.C. – Today, U.S. Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) have introduced the bipartisan Lummis-Gillibrand Payment Stablecoin Act, a landmark piece of legislation aimed at establishing a clear regulatory framework for stablecoins. The bill is designed to protect consumers, foster innovation, and uphold the dominance of the U.S. dollar while maintaining the dual banking system.

Senator Lummis emphasized the importance of finding a balance between regulatory measures and consumer protection, stating, "In order to meet the growing demand for our ever-evolving financial industry, we need to craft legislation that strikes the careful balance of establishing a clear and workable framework for stablecoins while protecting consumers."

Senator Gillibrand echoed this sentiment, highlighting the necessity of regulating stablecoins to safeguard the U.S. dollar's dominance and combat illicit financial activities. She emphasized, "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."

The Lummis-Gillibrand Payment Stablecoin Act aims to protect consumers, encourage responsible innovation, prevent illicit finance, safeguard American interests, address custody issues, and preserve the dual banking system. The bill has received support and technical assistance from key figures in U.S. financial regulation, including Federal Reserve Chair Jerome Powell, Treasury Secretary Janet Yellen, and Deputy Treasury Secretary Wally Adeyemo.

The comprehensive text of the bill, along with a section-by-section overview and a one-pager, is available for review. Additionally, Senators Lummis and Gillibrand are also co-authors of the Lummis-Gillibrand Responsible Financial Innovation Act, which focuses on creating a regulatory framework for crypto assets.

This bipartisan effort by Senators Lummis and Gillibrand signifies a significant step towards establishing a structured regulatory environment for stablecoins, ensuring consumer protection, fostering innovation, and preserving the integrity of the U.S. financial system.