Golden Finance reported that US Senator Bill Hagerty, who supports cryptocurrencies, has released a draft for discussion of legislation that "provides much-needed regulatory clarity". The draft is very close to the Clarity for Payment Stablecoins Act drafted by Republican Congressman Patrick McHenry and Democrat Maxine Waters in the House of Representatives. Hagerty's draft adopts the structure of the House bill while dividing federal regulation into the Federal Reserve's regulation of banks and the Office of the Comptroller of the Currency's regulation of non-bank institutions. The draft will include a provision that issuers exceeding the $10 billion threshold may be exempted by federal regulators and then continue to be subject to the jurisdiction of their states. The draft legislation also includes maintaining foreign exchange reserves denominated in US dollars on a one-to-one basis.