According to BlockBeats, Forbes recently reported that New York Democratic Senator Kirsten Gillibrand is expected to launch new stablecoin legislation with Wyoming Republican Senator Cynthia Lummis later this week or next week. Gillibrand said their goal is to unleash the potential of cryptocurrencies and realize Bitcoin's original goal as a payment tool. They are working with the Federal Reserve, the Treasury Department and the New York State Department of Financial Services to allow non-depository institutions to issue stablecoins while promoting the safety and soundness of the industry. Patrick McHenry, chairman of the U.S. House Financial Services Committee, said stablecoins will be an important first step in developing broader U.S. cryptocurrency laws.