{"id":427675,"date":"2022-04-07T02:10:31","date_gmt":"2022-04-06T23:10:31","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/toomey-drafts-bill-to-exempt-stablecoins-from-securities-regulations\/"},"modified":"2022-04-07T02:10:31","modified_gmt":"2022-04-06T23:10:31","slug":"toomey-drafts-bill-to-exempt-stablecoins-from-securities-regulations","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/toomey-drafts-bill-to-exempt-stablecoins-from-securities-regulations\/","title":{"rendered":"# Toomey drafts bill to exempt stablecoins from securities regulations"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a27d21be709b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a27d21be709b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/toomey-drafts-bill-to-exempt-stablecoins-from-securities-regulations\/#%E2%80%9D_Toomey_drafts_bill_to_exempt_stablecoins_from_securities_regulations_%E2%80%9C\" >&#8221; Toomey drafts bill to exempt stablecoins from securities regulations &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Toomey_drafts_bill_to_exempt_stablecoins_from_securities_regulations_%E2%80%9C\"><\/span>&#8221; Toomey drafts bill to exempt stablecoins from securities regulations &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvZmNjYzIzYTItNTMzMy00MDljLWJlOGMtOWE5MzMxMmYwZmUxLmpwZWc=.jpeg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>Republican Senator Pat Toomey, the ranking member for the Senate Banking Committee, has drafted a bill proposing a regulatory framework for stablecoins in the United States.<\/p>\n<p>According to a draft released Wednesday, the \u2018Stablecoin Transparency of Reserves and Uniform Safe Transactions Act\u2019, otherwise known as the Stablecoin TRUST Act, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.banking.senate.gov\/imo\/media\/doc\/the_stablecoin_trust_act.pdf\">proposed<\/a> the digital assets be identified as \u201cpayment stablecoins\u201d \u2014 a convertible virtual currency used as a medium of exchange that can be redeemed for fiat by the issuer. <\/p>\n<p>Critically, the bill proposed such offerings be exempt from securities regulations by amending existing laws to ensure the definition of &#8220;security&#8221; does not include a payment stablecoin.<\/p>\n<p>The legislation also proposed that stablecoin issuers \u2014 which would include national trust banks and licensed state-chartered trusts \u2014 be licensed by the Office of the Comptroller of the Currency. The issuers would be required to back up their stablecoin reserves with assets \u201cthat are cash and cash equivalents or level 1 high-quality liquid assets denominated in United States dollars.\u201d<\/p>\n<p>Toomey said the draft bill was focused on stablecoins due to their \u201cpotential, among other things, to speed up payments and automate transactions\u201d: <\/p>\n<blockquote><p>\u201cThe proposed regulatory framework I\u2019m releasing today will allow this crypto-innovation to continue flourishing while protecting consumers and minimizing potential risks from stablecoins to the financial system. I look forward to receiving feedback on this legislation from my colleagues and stakeholders as Congress continues its work on stablecoin regulation.\u201d<\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Does a Fed digital dollar leave any room for crypto stablecoins?<\/em><\/strong><\/p>\n<p>U.S. lawmakers in both the House of Representatives and Senate have previously discussed how stablecoins might be integrated into the financial regulatory framework. In a December hearing on stablecoins, Toomey proposed that stablecoin issuance not be limited to insured depository institutions. North Carolina Representative Patrick McHenry proposed a state-level regulatory framework on stablecoins in lieu of a comprehensive federal law during a House hearing on digital assets in February.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/toomey-drafts-bill-to-exempt-stablecoins-from-securities-regulations\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Toomey drafts bill to exempt stablecoins from securities regulations &#8220; Republican Senator Pat Toomey, the ranking member for the Senate Banking Committee, has drafted a bill proposing a regulatory framework for stablecoins in the United States. According to a draft released Wednesday, the \u2018Stablecoin Transparency of Reserves and Uniform Safe Transactions Act\u2019, otherwise known&#8230;<\/p>\n","protected":false},"author":1,"featured_media":427676,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvZmNjYzIzYTItNTMzMy00MDljLWJlOGMtOWE5MzMxMmYwZmUxLmpwZWc=.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75493,71511,55229,70934,67874],"class_list":["post-427675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-stablecoin","tag-government","tag-law","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/427675","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=427675"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/427675\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/427676"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=427675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=427675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=427675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}