Rep. Bryan Steil, R-Wis., told Newsmax on Thursday that his bill concerning a type of cryptocurrency known as a “stablecoin” would help establish the U.S. dollar as “the world reserve currency.”

Steil, who chairs the Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee, and House Financial Services Committee Chairman French Hill, R-Ark., introduced the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act on Wednesday.

The bill would “establish a framework for the issuance and operation of dollar-denominated payment stablecoins in the United States,” according to a press release.

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