U.S. Banking Committee
US Senator Toomey introduces stablecoin bill as congressional session wraps up
Republican Senator Pat Toomey, who is set to retire from U.S. Congress at the end of the term, has used one of his last few weeks in office to introduce a new stablecoin bill, aimed at creating a regulatory framework for “payment stablecoins.” Toomey — who also serves as the ranking member of the U.S. Banking Committee — said the Stablecoin TRUST Act of 2022 would serve as a framework for stablecoin regulation for his fellow senators, who are looking to pas stablecoin legislation in 2023. In a Dec. 21 statement, the senator called stablecoins an “exciting technological development that could transform money and payments,” adding: “By digitizing the U.S. dollar and making it available on a global, instant, and nearly cost-free basis, stablecoins could be widely used across the physical...
