According to Foresight News, U.S. Senators Kirsten Gillibrand and Cynthia Lummis have proposed a new stablecoin bill. The bill requires stablecoin issuers to hold a one-to-one cash or cash equivalent reserve to support their tokens, prohibiting unbacked algorithmic stablecoins. The bill claims that neither issuers nor users can use stablecoins for illegal or unauthorized purposes such as money laundering. In addition, the bill also plans to establish a "federal and state regulatory system for stablecoin issuers to maintain a dual banking system" and will give federal and state entities the power to charter and enforce stablecoins.