United States Senator Bill Hagerty is advancing the stablecoin legislation initiated by House member Patrick McHenry. Hagerty has unveiled a discussion draft of the Clarity for Payment Stablecoins Act of 2024, refining McHenry's 2023 bill. Notably, Hagerty's bill introduces a State-Level Regulatory Regime section, absent in McHenry's version, allowing state-level regulation for stablecoin issuers with market capitalization under $10 billion. Larger issuers can request waivers for state regulation. The bill also shifts supervision of some issuers to different federal agencies. The 2023 bill had bipartisan support but underwent further negotiations. Meanwhile, Senators Cynthia Lummis and Kirsten Gillibrand introduced the Lummis-Gillibrand Payment Stablecoin Act, a more extensive 179-page legislation. Hagerty is seeking feedback on his draft bill until Nov. 1. Read more AI-generated news on: https://app.chaingpt.org/news