The Lummis-Gillibrand Payment Stablecoin Act is a step in the right direction, but enactment in an election year may be difficult.
Stablecoins have recently caught the attention of lawmakers in the United States for many reasons.
They are good for making everyday consumer purchases — better than traditional cryptocurrencies like Bitcoin (BTC) or Ether (ETH) with their well-documented volatility.
However, some lawmakers fear that stablecoins are also increasingly being used by bad actors like drug dealers and terrorist groups for their day-to-day payments.