US Senator Introduces Bill to Regulate Payment Stablecoins

A U.S. senator has introduced a bill to “establish the first federal regulatory framework for payment stablecoins.” The lawmaker explained: “This bill will also ensure the Federal Reserve, which has displayed significant skepticism about stablecoins, won’t be in a position to stop this activity.” Stablecoin TRUST Act of 2022 U.S. Senator Pat Toomey (R-PA), ranking member of the Senate Committee on Banking, Housing, and Urban Affairs, introduced the “Stablecoin Transparency of Reserves and Uniform Safe Transactions Act of 2022” on Wednesday. The bill is also known as the “Stablecoin TRUST Act of 2022.” According to the lawmaker, the legislation would