U.S. Senator Bill Hagerty has introduced a new draft based on Representative Patrick McHenry’s stablecoin bill. The 2024 Clarity for Payment Stablecoins Act includes some additions to McHenry’s 2023 bill. Given McHenry’s retirement, Hagerty’s bill focuses specifically on state-level regulation.

The most significant change to Hagerty’s bill is that stablecoin issuers with a market cap of less than $10 billion would be regulated at the state level, while larger issuers would be able to seek exemptions from federal regulations.

These new regulations aim to protect consumers while encouraging innovation. Comments on the bill are being accepted until November 1.

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