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ARTICLE · 17 AUGUST 2022

Digital Assets Defined: How Lummis-Gillibrand Will Shore Up Stablecoins

Jones Day
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In this latest White Paper on our Bill analysis, we underscore headline proposals in the Lummis-Gillibrand Responsible Financial Innovation Act (the "Bill")...

United StatesTechnology
Nathan Brownback
Nathan Brownback
Dorothy Giobbe
Dorothy Giobbe
Abradat Kamalpour
Abradat Kamalpour
Mark W. Rasmussen
Mark W. Rasmussen
Joshua B. Sterling
Joshua B. Sterling
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In this latest White Paper on our Bill analysis, we underscore headline proposals in the Lummis-Gillibrand Responsible Financial Innovation Act (the "Bill") regarding the issuance and regulation of a "payment stablecoin," which the Bill defines as a digital asset issued by a business entity that is "redeemable on demand" for legal tender, "backed by 1 or more financial assets," and is "intended to be used as a medium of exchange."1 Stablecoin regulation has received renewed attention after the collapse of the algorithmic stablecoin TerraUSD, which was not fully backed with cash or assets.

We finish this White Paper by highlighting unresolved questions that should be the focus of future stakeholder efforts to refine the Bill before aspects of it become law.

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