U.S. Representatives French Hill and Brian Steele have released a discussion draft of a bill that would establish a regulatory framework for U.S. dollar-pegged payment stablecoins. The legislation would impose a two-year ban on the issuance of "endogenous collateralised stablecoins", meaning issuers would be prohibited from creating stablecoins backed by self-issued digital assets. In addition, it would require the US Treasury to promote research on stablecoins. The draft bill comes after the Trump administration confirmed plans to regulate and introduce stablecoins, which David Sacks, the president's crypto czar, said could "extend the international dominance of the dollar".