<a href="https://www.cryptoknowmics.com/news/pat-toomey-criticizes-sec-for-crypto-ending-platform-crisis">Pat Toomey</a>, a Republican senator who will leave the <a href="https://www.cryptoknowmics.com/news/crypto-ban-wont-happen-anytime-soon-says-u-s-congressman">U.S. Congress</a> at the conclusion of the current session, spent one of his final few weeks in office to <a href="https://www.banking.senate.gov/imo/media/doc/stablecoin_trust_act_section-by-section.pdf" target="_blank" rel="nofollow noopener">present</a> a new stablecoin bill that would provide a legislative structure for payment of <a href="https://www.cryptoknowmics.com/news/waves-blockchain-founder-offers-usdn-recovery-plan-new-stablecoin">stablecoins</a>.
<h2>US Senator Introduces Stablecoin Bill</h2>
The Stablecoin TRUST Act of 2022 will serve as the foundation for stablecoin regulation for his colleague's senators, who are intending to enact stablecoin legislation in 2023, according to Toomey, who is also a senior member of the U.S. Banking Committee.

The senator described stablecoins as an exciting technological advance that might alter finance and transactions in a statement on December 21. Stablecoins might be extensively employed throughout the real economy in a number of ways by digitizing the U.S. <a href="https://www.cryptoknowmics.com/news/mintme-com-coin-secures-25-million-dollars-investment-commitment-from-gem-digital-limited">dollar</a> and making it instantly, globally, and almost cost-freely available.
<h2>The Objective of the Stablecoin Bill</h2>
The measure would allow non-state and non-bank entities to issue stablecoins if Congress approved it, provided that they secure a federal license authorized and granted by the U.S. Office of the Comptroller of the Currency (OCC). The stablecoins are supported by high-quality financial cash.

Additionally, the stablecoin issuers are required to adhere to a new public disclosure requirement, spell out their redeeming rules in detail, and submit regular assurances from certified accounting firms.
<h2>Offering Interest-Bearing Goods or Services</h2>
According to the proposed legislation, stablecoin issuers would not be subject to <a href="https://www.cryptoknowmics.com/news/australian-securities-exchange-drops-blockchain-based-clearing-system">U.S. securities</a> laws if they do not provide interest-bearing goods or services or behave like investing or consulting firms.

Toomey expressed his hope that the most recent measure would establish the framework for his fellow senators to adopt legislation the next year that would protect customer dollars "without impeding innovation." However, it is yet unclear how Toomey's most recent stablecoin would compare to the Stablecoin Transparency Act, submitted to Congress on March 31 by fellow Republican Senator Bill Hagerty.

US Senator Pat Toomey Presents Stablecoin Bill For Crypto Regulation

US senator Pat Toomey presented a new stablecoin bill that would provide a legislative structure for payment of stablecoins.

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US Senator Pat Toomey Presents Stablecoin Bill For Crypto Regulation

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