U.S. Senators Propose Stablecoin Regulation Bill to Create New Issuing Licenses

With less than two weeks to go, U.S. Senator Pat Toomey, who is due to retire, has introduced a stablecoin bill that would create a federal framework designed to "guide Congress" into future regulation of cryptocurrencies. The legislation would create a new federal issuance license to allow depository institutions, state-based money transfer businesses, non-depository trust companies and national trust banks to issue payment stablecoins together and require issuers to use "high-quality liquid assets." Fully backing their payment stablecoins would also establish new standardized public disclosure requirements for issuers, including assets backing payment stablecoins, redemption policies, and attestations from public accounting firms. the