Senator Pat Toomey Submits New Stablecoin Bill to Congress

The congressman presented his new bill dedicated to the creation of a regulatory framework for stablecoins called TRUST. Pat Toomey said that his project should serve as a basis for the regulation of stablecoins, which will be used by senators in their work when making appropriate decisions. Toomey is a member of the Senate Banking Committee, but plans to retire at the end of his term in Congress.. According to the parliamentarian, stablecoins are an impressive technology that can significantly change the methods of payments and the monetary system as a whole.. He is sure that there are a lot of options for using stablecoins in the real economy. If passed, the bill would allow non-government and non-bank institutions to issue stablecoins subject to a federal license from the US Office of the Comptroller of the Currency (OCC). A necessary condition will be the backing of stablecoins with high-quality liquid assets. Cryptocurrency issuers will be required to comply with the new public disclosure standard, as well as regularly submit reports to accounting firms.. Also, the Toomey project proposes to exempt issuers from US securities laws if they do not offer products with interest or do not work as an investment or consulting company.. The bill is designed only for payment stablecoins, which can be directly converted into fiat money. Previously, experts from the Central Bank of Canada called on regulators to more closely supervise stablecoins because of the risks to the international financial system.