U.S. Senator proposes bill for stablecoins exemption from securities regulations
Senator Pat Toomey, the ranking member of the Senate Banking Committee in the United States, has drafted a bill to propose a regulatory framework for stablecoins.
On Wednesday, Tommey released a draft of the Stablecoin Transparency of Reserves and Uniform Safe Transactions Act, called the "Stablecoin TRUST Act of 2022," which proposes to identify digital assets as "payment stablecoins." The proposal outlines the "payment stablecoins" to become a convertible virtual currency used as a medium of exchange that can be redeemed for fiat by the issuer.
According to the proposal, it shall be unlawful for any person to issue a payment stablecoin, except:
- a money transmitting business or any other person that is authorized by a State banking or similar authority to issue stablecoins,
- a national limited payment stablecoin issuer, or
- an insured depository institution.
The bill also recommended that stablecoin issuers be licensed by the Office of the Comptroller of the Currency, including national trust banks and licensed state-chartered trusts. Issuers would be obliged to have solid assets to back up their stablecoin reserves "that are cash and cash equivalents or level 1 high-quality liquid assets denominated in United States dollars."
Stablecoins growth and proposed bill
Stablecoins have seen constant heat among regulators around the world. U.S. lawmakers in both the Senate and the House of Representatives have discussed the integration of stablecoins in the financial regulatory framework many times. Previously, Toomey himself proposed a bill that stablecoin issuance should not be limited to insured depository frameworks.Last year, Japan also showed a tough stance toward stablecoins and said that it would follow the U.S. when it comes to regulating stablecoins in the country. Recently, the Japanese bank Mitsubishi UFJ Financial Group or MUFG has debuted a new stablecoin platform.
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