Southern Wisconsin Times

Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee Chairman Bryan Steil and House Financial Services Committee Chairman French Hill have introduced a discussion draft for a bill focused on the regulation of dollar-denominated payment stablecoins in the United States.

Chairman Steil emphasized the importance of establishing a regulatory framework to support innovation while maintaining the U.S. dollar's status as the world's reserve currency. "By implementing a clear regulatory structure for payment stablecoins, we can support continued innovation, bolster the U.S. dollar’s position as the world’s reserve currency, and protect consumers and investors," he stated.

Chairman Hill highlighted their previous work on digital assets and expressed optimism about receiving public feedback. "Building upon our work on digital assets in the last Congress, our discussion draft will provide clarity for payment stablecoins and ensure a federal and state path for stablecoin issuers," said Hill.

Senate Banking Committee Chairman Tim Scott noted the necessity of creating a regulatory framework that fosters industry growth within the United States while protecting consumers. He mentioned his efforts alongside Senate colleagues to advance stablecoin legislation to President Trump's desk.

Senator Bill Hagerty pointed out potential benefits such as enhanced transaction efficiency and increased demand for U.S. Treasuries through strong stablecoin innovation. He expressed his intent to collaborate with Chairman Hill to pass relevant legislation.

Senator Cynthia Lummis expressed her willingness to cooperate with House members to enact bipartisan legislation that safeguards the dual banking system.

The discussion draft was presented at a subcommittee hearing titled "A Golden Age of Digital Assets: Charting a Path Forward." The Committee aims to collaborate with both chambers under Chairman Hill's leadership to pass federal payment stablecoin legislation. Public feedback is encouraged via email submissions.