Sen. Bill Hagerty introduced draft legislation to regulate stablecoins, closely mirroring the "Clarity for Payment Stablecoins Act" from the House, co-authored by Reps. McHenry and Waters. Hagerty's bill would split oversight between the Federal Reserve and the OCC, depending on whether the issuer is a bank or non-bank. It includes a provision for stablecoin issuers to maintain a 1:1 reserve with U.S. currency and offers a pathway for state regulation. The draft aims to create demand for U.S. Treasuries and revitalize ongoing discussions on Capitol Hill. Source: The Block