U.S. Senator said, “Stablecoin payments The bill is also the first federal regulatory framework for .”
Stablecoin TRUST Act of 2022
Member of the Senate Banking, Housing and Urban Affairs Committee Senator Pat Toomey (R-PA) introduced “stablecoin transparency”. 2022 Reserves and Uniform Safe Transactions Act’ on Wednesday. This bill is also known as the “Stablecoin TRUST Act of 2022“.
According to lawmakers, the bill would “establish the first federal regulatory framework for stablecoin payments and put Congress on the path to sensible regulation of cryptocurrencies.” Senator Toomey Opinion:
I hope this framework will lay the groundwork for my colleagues to pass legislation next year that protects customer funds without stifling invention. So… Stablecoins are in no position to stop this activity.
“Stablecoins are an exciting technological development that will transform money and payments. The coin could find widespread use across the physical economy in a variety of ways. “Promote competition by allowing several types of regulated entities to issue payment stablecoins,” the Senate Banking, Housing and Urban Affairs Committee explained, “calling for all payment stablecoins.” This will enhance financial stability,” he added. Fully backed by high quality liquid assets. Additionally, the bill “establishes transparency by imposing standardized disclosure requirements and certification by registered public accounting firms on all payment stablecoin issuers,” the Senate committee further elaborated.
Toomey published a draft of the Stablecoin TRUST Act in his April, calling it “the first Senate bill to establish a comprehensive regulatory framework for stablecoin payments.”
The Pennsylvania Senator is a cryptocurrency supporter. Last week, he said that cryptocurrencies cannot be stopped and that the collapse of crypto exchange FTX is not an indictment against cryptocurrencies. In February, lawmakers said crypto assets should stay here and have some in a fully diversified portfolio.
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