Former U.S. Senator Pat Toomey has highlighted unresolved issues surrounding stablecoin regulation in the U.S., emphasizing the need for clarity on bankruptcy resolutions, reserve requirements, and regulatory oversight. Toomey expressed skepticism about the Federal Reserve's stance on stablecoins but remains optimistic about future legislative progress, potentially starting in 2025. Meanwhile, industry leaders, including Chris Dixon from a16z, stress the urgency for a robust stablecoin framework to prevent financial instability similar to the FTX collapse. The U.S. Treasury has also noted the growing impact of stablecoin issuers on Treasury bill demand.