Senator Pat Toomey published draft bill to regulate stablecoins
It introduces a new concept of “payment stablecoin,” which can be legally exchanged for fiat currency
08.04.2022 - 07:00
205
1 min
0
What’s new? On April 6, Pennsylvania Senator Pat Toomey published a draft bill on the regulation of stablecoins for public discussion. The document was called “Stablecoin Transparency of Reserves and Uniform Safe Transactions Act.” . Its collateral must be limited to assets “that are cash and cash equivalents or level 1 high-quality liquid assets denominated in United States dollars.”
What does the bill say? Payment stablecoin issuers would be able to operate under one of three separate licensing regimes. These are traditional banking licenses, an official authorization for payment stablecoins, and the right to transfer money between state-by-state. In addition, the draft bill provides for disclosure of stablecoin backing and its redemption policy, as well as regular attestations.
What had happened before? In December, the Senate Committee on Banking, Housing, and Urban Affairs held a hearing on the topic “Stablecoins: How Do They Work, How Are They Used, and What Are Their Risks?”
In April, the head of the US Securities and Exchange Commission (SEC), Gary Gensler, stated that oversight of cryptocurrency exchanges and issuers of stablecoins should be strengthened.
Useful material?
Telegram 
Twitter Market
According to the politician, this will combat widespread corruption by ensuring transparency and accountability of budgetary funds
Nov 26, 2024
Market
Justin Sun invested $30 million in the project
Nov 26, 2024
Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Cryptocurrency rates
-
Bitcoin
$92 016
BTC
-1.44%
-
Ethereum
$3 332.17
ETH
-2.61%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.41
XRP
-0.57%
-
Dogecoin
$0.385272
DOGE
-1.72%
-
Cardano
$0.951412
ADA
-1.42%
-
Stellar XLM
$0.446414
XLM
-10.02%
-
Polkadot
$8.08
DOT
-2.4%
-
Bitcoin Cash
$494.35
BCH
+0.16%
-
Litecoin
$91.6
LTC
-1.09%