Sens. Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced bipartisan legislation that includes guardrails for stablecoins, a unique form of cryptocurrency.

Lummis and Gillibrand announced the long-awaited legislation on Wednesday morning. The Lummis-Gillibrand Payment Stablecoin Act creates a regulatory framework for payment stablecoins, which have quickly grown in popularity over the last few years.