Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Thursday, April 18th, and today we are talking about a new stable coin bill from Senators, Lummis, and Jilla Brand.

Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord.

You can find a link in the show notes or go to bit.L.L.Y slash breakdown pod. Hello friends. Some interesting regulatory news today.

Senator Cynthia Lummis and Kirsten Gillibrand have published a new stable coin draft bill for

consideration in the Senate. By way of background, these two are a bipartisan team that has also

previously introduced comprehensive crypto legislation.

Some of what I think is the smartest comprehensive crypto legislation ideas that we've seen.

Of course, it being the environment that we've been in, it didn't go anywhere.

But the hope was always that different pieces of that bill might find their way into

more individualized and passable specific legislation.

So what did this one come with? Well, rather than simply mirroring the House bill,

this proposed legislation has some major differences which would need to be reconciled

before any laws were passed. And before digging into the details, it's worth noting how

different the tone is around this bill and how it's being presented.

Lemis and Gillibrand wrote a short op-ed piece to introduce the bill and present their reasoning

for why stablecoin legislation is necessary.

They wrote, as the global financial leader, the United States finds itself at a crossroads.

We can either be the central player in managing a new generation of financial technology,

promoting dollar dominance, protecting consumers, and preventing illicit finance, or we can We can either be the central player in managing a new generation of financial technology, promoting

dollar dominance, protecting consumers, and preventing illicit finance, or we can leave it to

...