Senators Kirsten Gillibrand and Cynthia Lummis released their much anticipated stablecoin regulation bill this week. Known as the Lummis-Gillibrand Responsible Financial Innovation Act, the bill aims to streamline the stablecoin industry and reduce the risks of another Terra collapse. Lummis-Gillibrand Responsible Financial Innovation Act The bill is highly comprehensive and includes several elements. For example, it would allow banks and non-bank trust companies to be able to issue stablecoins through their dedicated subsidiaries. Also, the bill would introduce capital and audit requirements to ensure that all ... (full story)