Odaily Planet Daily News According to a report from investment bank TD Cowen, a bill proposed by Senators Kirsten Gillibrand and Cynthia Lummis will benefit stablecoin issuers. The Lummis-Gillibrand Payment Stablecoin Act, introduced last week, will establish "clear rules of conduct" for stablecoin issuers, the bank said in a report on Monday. TD Cowen's Washington Research Group (led by Jaret Seiberg) said: "In our view, the Lummis-Gillibrand Act will be positive for stablecoin issuers because it will establish clear rules of conduct. It is also symbolically important for the cryptocurrency industry as a whole because it will be the first constructive cryptocurrency legislation introduced by Congress." If the bill is passed, stablecoin issuers will be required to hold one-to-one cash or cash equivalent reserves to support their tokens. The bill also prohibits algorithmic stablecoins and stipulates that issuers and users cannot use stablecoins for illegal or unauthorized purposes, such as money laundering. (The Block)