After the terra/Luna debacle it's easy to see why this legislation would be proposed. Despite this, it looks like there is appetite to ramp up regulated (and no doubt heavily tracked) stable coins. Let's hope this doesn't morph into some type of dystopian CBDC nightmare!
"The stablecoin bill now provides a path for banks and other financial institutions to issue stablecoins, working with their existing network of regulators. But that network would now also include regulators at the state level, providing state-approved stablecoin issuers a 180-day fast track to a federal green light."