Key stakeholders are increasingly in agreement on the regulation of payment stablecoins, which are digital currencies that offer real-time settlement and act as a bridge between traditional finance and cryptocurrency. The value and usability of payment stablecoins depend on the cash and cash equivalents behind them, which can be effectively regulated. Proposed legislation seeks to regulate payment stablecoins as cash instruments rather than securities, with important safeguards and limitations including capital and reserve requirements, redemption timeframe requirements, segregation of assets, and treating payment stablecoin issuers as financial institutions subject to the Bank Secrecy Act. While there is currently a lack of consensus among financial regulators regarding the classification of stablecoins, witnesses at a recent hearing agreed that comprehensive legislation on payment stablecoins is necessary to promote financial inclusion and maintain the dominance of the US dollar. Ultimately, Congress should be allowed to enact sensible regulation over the crypto market.