A measure to “create the first federal regulatory framework for payment stablecoins” has been introduced by a U.S. senator. “This bill will also ensure that the Federal Reserve, which has shown great scepticism of stablecoins, won’t be in a position to prohibit this activity,” the legislator added.
U.S. Senator Pat Toomey (R-PA), ranking member of the Senate Committee on Banking, Housing, and Urban Affairs, introduced the “Stablecoin Transparency of Reserves and Uniform Safe Transactions Act of 2022” on Wednesday
The “Stablecoin TRUST Act of 2022” is another name for the legislation.
The proposal would “create the first federal legislative framework for payment stablecoins and point Congress in the direction of a road for reasonable regulation of cryptocurrencies,” the senator claimed. I hope this approach paves the way for my colleagues to adopt legislation next year that protects customer dollars without stifling innovation, said Senator Toomey. Additionally, this legislation will ensure that the Federal Reserve, which has shown strong doubt toward stablecoins, won’t be able to halt this activity.
At the conclusion of his term in the Senate in January of the following year, the Pennsylvania senator will step down.
The Stablecoin TRUST Act was first introduced by Toomey in April, who referred to it as “the first Senate bill to establish a complete regulatory framework for payment stablecoins.”
The congressman stated in February that crypto assets are here to stay and should be included in a well-diversified portfolio.