his long-awaited stablecoin regulatory framework, the Clarity for Payment Stablecoins Act, creates a "uniform federal floor" for the digital assets, and protects consumers by requiring stablecoins to be backed "one-to-one by specific high-quality liquid assets."the bill undermines its own requirements by allowing any federal or state regulator to expand the list of eligible reserve assets.
But these victories were tempered by an effort in the Senate to rein in crypto's far-reaching influence.