USAsenator Pat Toomeypresented its 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 India The Central Bank Governor stated that cryptocurrencies should be banned completely. On the issue of the arrangement, which has not yet become clear, the eyes USAturned to the side. SECand CFTC is working hard on the crypto industry. Finally USAsenator Pat Toomeyintroduced a regulatory stablecoin bill to Congress.
Senator Toomey Hopeful of Stablecoin Bill
USAsenator Pat Toomey, stablecoinHe believes that the bill will bring a positive atmosphere. Toomeywill support the conversion of currencies and payments stablecoinHe used the term an exciting technological development for the ‘s.
In his statements on the subject Toomey, “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. Moreover stablecointo ‘s, USAOffice of the Currency Auditor ( OCC) will also be licensed by
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.
ToomeyThis bill, presented by , will only cover stablecoins that can be converted to fiat units. ToomeyHe added that the necessary groundwork is ready for the adoption of this bill next year.