US Senator Pat Toomey presented a new stablecoin bill with a regulatory framework to Congress.
Recent events in the cryptocurrency market have moved countries to regulate and supervise. Many countries argue that cryptocurrencies should be regulated quickly. Recently, the Governor of the Reserve Bank of India stated that cryptocurrencies should be banned completely. On the issue of regulation, which has not yet been clarified, eyes were turned to the USA. The SEC and CFTC are working hard on the crypto industry. Most recently, US Senator Pat Toomey presented a regulatory stablecoin bill to Congress.
Senator Toomey Hopeful of Stablecoin Bill
US Senator Pat Toomey believes the stablecoin bill will bring a positive tone. Toomey called an exciting technological breakthrough for stablecoins that will support the transformation of currencies and payments.
In his comments on the matter, Toomey said, “By digitizing the US dollar and making it available globally, instantly and almost free, stablecoins can be widely used in the physical economy in a variety of ways.” said.
If Toomey’s bill is passed by Congress, stablecoin products will be backed by high-quality liquid assets. In addition, stablecoins will also be licensed by the US Office of the Auditor of the Currency (OCC).
In another part of the bill, stablecoin issuers will also be required to comply with the necessary procedures. Issuers will be required to provide regular certifications from authorized accounting firms.
This bill by Toomey will only cover stablecoins that can be converted into fiat units. Toomey added that the groundwork is ready for the adoption of this bill next year.
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