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Investing.com -- Senator Bill Hagerty is set to introduce a bill on Tuesday that aims to establish a regulatory framework for stablecoins. This move is part of the latest efforts by Republicans to establish crypto-friendly regulations in an industry that has been prioritized by President Donald Trump.
Stablecoins are a type of cryptocurrency that are marketed as less volatile than other tokens. This is because their value is tied to the US dollar or other stable assets. The proposed legislation seeks to provide a predictable regulatory environment for these digital assets. Supporters of the bill believe that federal regulation could give credibility to the asset class, leading to its wider acceptance.
In a statement, Senator Hagerty, a Republican from Tennessee, said, "My legislation establishes 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."
The bill is being co-sponsored by Senators Kirsten Gillibrand, a Democrat from New York, Tim Scott of South Carolina and Cynthia Lummis of Wyoming, both Republicans.
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