Senator Cynthia Lummis Drafts Key Bill for Stablecoin Regulation

U.S. Senator Cynthia Lummis, who is an advocate of Bitcoin (BTC), is joining hands with Senator Kirsten Gillibrand to draft legislation concerning stablecoins regulation. This partnership was revealed by Axios on March 7 and is intended to formalize the regulatory framework for stablecoins. It also aims to provide investors with security. These senators have been collaborating on this initiative for a few months. They are set to announce this officially soon after receiving favorable reviews from several quarters.