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Outgoing U.S. senator Pat Toomey introduces Stablecoin TRUST Act
Outgoing Pennsylvania Senator Pat Toomey introduced the Stablecoin TRUST Act. Toomey has said that the […]
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Retiring U.S. Sen. Pat Toomey Introduces Stablecoin TRUST Act - Decrypt
As one of his last acts in office, the Pennsylvania Republican introduces a bill to legitimize the use of stablecoins in payment systems.
decrypt.co
Sen. Toomey's proposal would also take stablecoin regulation out of the hands of the Securities and Exchange Commission and the Commodities Futures Trading Commission (CFTC). The Stablecoin TRUST Act would prevent the classification of "payment stablecoins" as securities and exclude their issuers from being regulated as investment advisors or investment companies.
Instead, the act would create a new federal license for "payment stablecoin issuers" managed by the Office of the Comptroller of the Currency (OCC)—the agency charged with regulating traditional banks and savings institutions.
