Lummis-Gillibrand Payment Stablecoin Act

[AI summary unavailable — showing source text] [Congressional Bills 118th Congress] [From the U.S. Government Publishing Office] [S. 4155 Introduced in Senate (IS)] <DOC> 118th CONGRESS 2d Session S. 4155 To provide for effective regulation of payment stablecoins, and for other purposes. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES April 17, 2024 Ms. Lummis (for herself and Mrs. Gillibrand) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs _______________________________________________________________________ A BILL To provide for effective regulation of payment stablecoins, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Lummis-Gillibrand Payment Stablecoin Act''. SEC. 2. DEFINITIONS. In this Act: (1) Algorithmic payment stablecoin.--The term ``algorithmic payment stablecoin'' means a crypto asset that-- (A) is represented by the issuer, or is otherwise designed to create the reasonable expectation, that the crypto asset will maintain a stable value…