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Toomey drafts bill to exempt stablecoins from securities regulations

Cryptocurrency2 hours ago (Apr 06, 2022 09:00PM ET)

Toomey drafts bill to exempt stablecoins from securities regulations Toomey drafts bill to exempt stablecoins from securities regulations

Republican Senator Pat Toomey, the ranking member for the Senate Banking Committee, has drafted a bill proposing a regulatory framework for stablecoins in the United States.

According to a draft released Wednesday, the ‘Stablecoin Transparency of Reserves and Uniform Safe Transactions Act’, otherwise known as the Stablecoin TRUST Act, proposed the digital assets be identified as “payment stablecoins” — a convertible virtual currency used as a medium of exchange that can be redeemed for fiat by the issuer.

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