U.S. Senators have introduced a bill for stablecoins - The Block

Kirsten Gillibrand and Cynthia Lummis propose to:

▪️Prohibit unbacked algorithmic stablecoins.

▪️Require stablecoin issuers to hold fiat reserves in banks that back their tokens on a 1:1 basis.

▪️Require stablecoin issuers to implement anti-money laundering systems.