A US senator has recently introduced a new bill. “establish the first federal regulatory framework for payment stablecoins.” According to the lawmaker, this would ensure that the Federal Reserve, which has been wary of such assets, is unable to impede progress.
Stablecoin TRUST Act From 2022
US Senator Pat Toomey (R-PA), a key figure in the Senate Banking, HousingAnd Urban Affairs CommitteePublished the “Uniform Secure Transactions and Stablecoin Reserves Transparency Act of 2022” Wednesday. It is also known as the “Stablecoin TRUST Act of 2022.”
The Senator hopes that the regulation “creates the conditions for the approval of the law next year that protects the funds of the customers while allowing the innovation to continue… This Bill will also ensure that the Federal Reserve, which has shown great skepticism about stablecoins, cannot stop this activity.”
I believe that this framework will help my colleagues… This Bill will also ensure that the Federal Reserve will not be able to stop the activity of, which has expressed significant doubt about stablecoins. .
“Stablecoins represent an exciting technological advancement that could revolutionize money and payments. By digitizing the US dollar and making it available globally, instantly and almost for free, stablecoins could be widely used in the real economy in many ways,” Toomey stated. The Pennsylvania politician will end his term in the Senate in January of next year.
The bill “promotes competition by authorizing various types of regulated entities to issue payment stablecoins,” the Senate Banking, HousingAnd Urban Affairs Committee Added that it was said to “enhance financial stability by requiring all payment stablecoins are fully backed by quality liquid assets of high value.” In The bill also includes “establishes transparency by subjecting all payment stablecoin issuers to standardized disclosure requirements and certifications by registered accounting firms,” the Senate Additional details were provided by the committee
The senator had previously published the Stablecoin TRUST Act in April and called it “the first Senate bill to establish a comprehensive regulatory framework for payment stablecoins.”
The Pennsylvania Senator is pro-crypto Last Week, he said that cryptocurrencies cannot be stopped and that the collapse of the FTX crypto exchange does not constitute an indictment against cryptocurrencies. In February, the lawmaker said that crypto assets are here for good and that a well-diversified portfolio should include some.
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