Odaily News Investment bank TD Cowen said in a report on Monday that U.S. Senator Bill Hagerty's draft stablecoin legislation could form the outline of a future bill in 2025. Last week, Hagerty, a crypto-friendly Republican, unveiled a draft legislation discussion draft that aims to establish a regulatory framework for stablecoins. It includes a provision that issuers exceeding a $10 billion threshold can obtain an exemption from federal regulators and then continue to be subject to the jurisdiction of their states. The draft legislation also includes maintaining foreign exchange reserves denominated in U.S. dollars on a one-to-one basis. "This draft should form the basis of the legislation we expect Congress to pass next year," wrote Jaret Seiberg of TD Cowen Washington Research Group. "This is more likely if Trump wins, as Hagerty has a close relationship with the former president." Hagerty could reportedly become a potential contender for a seat in Trump's cabinet if Trump wins, either in a national security position or a Treasury position. Hagerty is also a member of the Senate Banking Committee, which has jurisdiction over major agencies including the U.S. SEC. Seiberg noted in the report: “The key will be to reach bipartisan agreement on the issue of regulators overseeing stablecoins. If Trump wins, the prospects for the bill are even higher.” (The Block)