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The United States Senator, Pat Toomey, is a member of the Republican Party. On Dec. 23, 2022, he introduced the new stablecoin bill, before the end of the 117th U.S. congressional session.
Senator Pat Toomey is about to retire from U.S. Congress at the end of the term. In his last few working weeks in the office, he introduced a new stablecoin bill. The bill is aimed at creating a regulatory framework for “payment stablecoins.”
He said the Stablecoin TRUST Act of 2022 would work as a framework for stablecoin regulation for his fellow senators, who seems to pass stablecoin legislation in 2023.
On Dec. 21, 2022, Sen. Pat Toomey said in a statement, in which he 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 economy in a variety of ways.”
“I hope this framework lays the groundwork for my colleagues to pass legislation next year safeguarding customer funds without inhibiting innovation,” he added.
The legislation introduced on this Wednesday, “would hold privacy for stablecoin transactions, set up the Office of the Comptroller of the Currency as a licenser of companies issuing payment stablecoins. Also allow non bank entities to issue the tokens and clarify that stablecoin issuers that don’t offer interest wouldn’t have to worry about securities laws.
It must be noted that this latest bill might have packed more of a punch if Mr. Toomey’s fellow Republicans seized the Senate majority in November’s election. However his party stays in the minority.
Meanwhile, Sen. Tim Scott is about to replace him as ranking member of the Senate Banking Committee. And this swap may leave a vacuum for cryptocurrency advocacy in the Senate as Mr. Toomey was a staunch supporter of crypto innovation and while Mr. Scott’s views are quite different.
According to the Wall Street Journal, during a recent visit to the Journal editorial board, Sen. Pat Toomey said “I couldn’t imagine a clearer data set of ultra-pro-Trump candidates and conventional Republicans running at the same time in the same places. Everywhere, the conventional Republican outperformed the pro-Trump, often by huge margins.”
Mr. Toomey is “a strong conservative with a low-key demeanor, will retire Jan. 3, 2023 as John Fetterman, a punkish progressive, takes the oath of office.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
