On May 12, 2026, Senate Banking Committee Chairman Tim Scott, Digital Assets Subcommittee Chair Cynthia Lummis, and Sen. Thom Tillis released an updated text of the Lummis-Gillibrand Payment Stablecoin Act. The bill will serve as the basis for a markup scheduled for Thursday, May 14.
The updated legislation aims to establish a federal regulatory framework for payment stablecoins, addressing issues such as reserve requirements, state vs. federal oversight, and consumer protections. The markup will allow committee members to propose amendments before a potential full Senate vote.
This development follows months of negotiations between lawmakers and industry stakeholders. The bill's progress is seen as a key step toward comprehensive crypto regulation in the United States.
