According to Odaily Planet Daily, a new bill co-sponsored by U.S. Senators Cynthia Lummis and Kirsten Gillibrand to regulate stablecoins has been criticized for potentially stifling innovation and infringing on First Amendment rights. The bill includes a provision that bans all "algorithmic payment stablecoins," which could have a significant impact on software developers and the broader tech community. Jerry Brito, founder of Coin Center, a cryptocurrency policy advocacy organization, said the bill is intended to establish a regulatory framework, but some of the regulations introduced are unnecessary and may be unconstitutional. Brito called on Lummis and Gillibrand to reconsider their positions and take a more practical approach to both protect innovation and ensure compliance with securities laws.