Republican Sen. Bill Hagerty plans to introduce a bill on Tuesday to create a regulatory framework for stablecoins, according to reporting from Bloomberg.
The bill would create a "safe and pro-growth regulatory framework that will unleash innovation and advance the President’s mission to make America the world capital of crypto," Hagerty said in a statement obtained by Bloomberg.
The bill will be called the "Guiding and Establishing National Innovation for US Stablecoins" and will include requirements for backing stablecoin payments with Treasury bills, U.S. dollars, and Federal Reserve notes. The bill also would require firms that issue stablecoins to release audited reports monthly. Sens. Kirsten Gillibrand (D-N.Y.), Tim Scott (R-S.C.) and Cynthia Lummis (R-Wyo.) are cosponsoring the bill, according to Bloomberg.
Hagerty released a discussion draft of legislation in October 2024 that closely resembled work done in the House of Representatives last year called the Clarity for Payment Stablecoins Act. That bill was worked on by Rep. Maxine Waters (D-Calif) and now retired and former House Financial Services Committee Chair Patrick McHenry (R-N.C.). It is unclear whether Hagerty's bill is similar to the discussion draft. Hagerty's office did not immediately respond to a request for comment.
Negotiations around passing a stablecoin bill have been complicated over the last few years on Capitol Hill. Former House Financial Services Chair McHenry and the top Democrat of that committee, Rep. Waters, have been working on their bill to create a regulatory framework for stablecoins since 2022.
The bill advanced out of the Republican-led committee last year but has not gained much traction. At the time, Waters called the bill "deeply problematic" due to a provision that allows state regulators to approve stablecoin issuances without Federal Reserve input.
President Donald Trump has taken a friendly approach to crypto. In August, he said in a post on X that he would help "ensure that the United States will be the crypto capital of the planet." Later, Trump issued an executive order that would take on several tasks, including creating a working group to develop a federal regulatory framework for digital assets, including stablecoins.
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