Retiring Senate Banking Committee Ranking Member Pat Toomey (R-PA) introduced legislation on December 21 that “would establish the first federal regulatory framework for payment stablecoins and guide Congress towards a path for sensible regulation of cryptocurrencies.” He said, “I hope this framework lays the groundwork for my colleagues to pass legislation next year safeguarding customer funds without inhibiting innovation. I’ve put forward a regulatory model that won’t undermine competition by favoring entrenched incumbents—for example, by limiting payment stablecoin issuance to insured depository institutions. This bill will also ensure the Federal Reserve, which has displayed significant skepticism about stablecoins, won’t be in a position to stop this activity.”