According to reports, a US Senator recently introduced a bill to establish the first federal regulatory framework for stablecoin payments. The lawmaker explained that this bill would ensure that the Feds, which has displayed significant scepticism about stablecoins, would have no power to stop this activity. This will be an excellent thing for the crypto industry. However, it can also violate the trader’s and investors’ right to privacy.
Stablecoin Trust Act Of 2022
Pat Toomey, US Senator and the ranking member of the Senate Committee on Banking, House and Urban Affairs, recently introduced a bill for the payment of stablecoins titled “Stablecoin Transparency of Reserves and Uniform Safe Transaction Act of 2022”, also known as “Stablecoin Trust Act Of 2022”.
According to the US Senator, this law would establish the first regulatory framework for the payments of stablecoins. It will also act as a guide for Congress towards a path for the sensible legalisation of cryptocurrencies. This was an indirect reply to one of the bills titled “Digital Asset Anti-Money Laundering Act” introduced by a Congress member, Senator Elizabeth Warren. This act was intended to directly attack the personal freedom and privacy of the crypto developers, users and investors.
Toomey also added that he hopes this framework lays the groundwork for his colleagues to pass legalisation next year, safeguarding the customer funds without restricting innovation. He also mentioned that it would restrict the Feds from stopping this activity, which displayed enough significant scepticism about stablecoins.
The US Senator further said that stablecoins are an exciting technology development that could be used to transfer money or make payments. By digitising the US dollar and making it possible to use on the global level without any extra charges, stablecoins can be used widely across the physical economy in multiple ways.
About US Senator Pat Toomey
Toomey published the draft of this Stablecoin Trust Act in April this year, referring to it as the first Senate bill to establish a comprehensive regulatory framework for the payments of stablecoins. He is a pro-crypto from Pennsylvania. Last week, he released a statement about crypto and FTX fallout.
He said that crypto could not be stopped and FTX fallout is not an indictment against crypto. This February, the lawmaker also said that crypto assets are here to stay for a long time, and a thoroughly diversified investment portfolio should have some of them.
What are your thoughts on the US Senator Pat Toomey Stablecoin Trust Act of 2022” bill? How do you think that this bill could help people in the crypto industry? Let us know in the comments below. And, if you found our content informative, share it with your family and friends.
Also Read: Wells Fargo fined $3.7B for mismanaging customer funds, but its crypto so no ones talking about it.
