Senators Propose New Bill Banning Algorithmic Stablecoins

Two senators — one Republican, one Democrat — are proposing a measure to regulate stablecoins amid a push in the House and Senate to pass such legislation as soon as next month.

Cynthia Lummis, a Wyoming Republican, and Kirsten Gillibrand of New York said Wednesday that their bill would protect consumers and the US dollar while enabling innovation in payments.

It’s not immediately clear if the measure will satisfy Banking Chairman Sherrod Brown, who in an interview Tuesday,floated tying a stablecoin bill to a broader package that would authorize banks to do business with marijuana companies and ...