US Senator Introduces Bill to Create Federal Regulatory Framework for Payment Stablecoins

A bill has been introduced by a US Senator that aims to create the first federal regulatory framework for payment stablecoins. The legislation, called the Stablecoin Transparency of Reserves and Uniform Safe Transactions Act of 2022 (also known as the Stablecoin TRUST Act of 2022), was introduced by Senator Pat Toomey, who is a member of the Senate Committee on Banking, Housing, and Urban Affairs.

The purpose of the bill is to establish a regulatory framework for payment stablecoins and provide guidance for Congress to sensibly regulate cryptocurrencies. The senator stated that the bill would also prevent the Federal Reserve, which has shown skepticism towards stablecoins, from obstructing this activity.