Sen. Pat Toomey The (Republican) introduced a bill outlining the federal framework. Regulation of stablecoins — just two weeks before he retired.
What happenedToomey aims to “lead Congress” towards future crypto regulation, saying his bill would create a new federal license for payment stablecoin issuers, allowing licensee recipients to create digital currencies, etc. said it will be able to issue
As the Republican leader on the Senate Banking Committee and an influential figure in cryptocurrency policy, Toomey is determined to ensure that the new license “does not undermine competition by supporting a strong incumbent.” said it was.
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“By digitizing the U.S. dollar and making it instantly and almost free around the world, stablecoins could find widespread use across the physical economy in a variety of ways,” Toomey said. I’m here.
The Toomey proposal would require payment stablecoin issuers to fully back their coins with “high quality liquid assets” and would also establish new standardized disclosure requirements. It includes the assets backing the coin, redemption policy, and certification from a qualified public accounting firm, allowing users to have maximum transparency in their financial instruments.
why it matters: stablecoin A cryptocurrency designed to have a fixed price, pegged to a fiat currency like the dollar. Examples of stablecoins include: tether USD/USD When us dollar coin USD/USDToomey was also one of two members of Congress who introduced the bill It was submitted to the U.S. Senate in July to exempt small cryptocurrency transactions from capital gains taxes.