Tag: stablecoins

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Can Senator Toomey Get Stablecoin Legislation Passed Before He Leaves?

Senator Patrick Toomey

There’s an opening for the passage of stablecoin legislation this year.

No, really.

Even though crypto critiques rage and bankruptcies blare while crypto prices swirl around the drain, this is the moment for Senator Patrick Toomey (R, PA) to deliver a first-of-its-kind law on stablecoins before he leaves office in January.

Complicating matters, narratives have changed in the past several months:

    • Pre-“crypto winter” narrative: “Legislation is coming to help support innovation and grow the blockchain industry.”
    • “Crypto winter” narrative: “Legislation needs to save us from the contagion that blockchain technology could ignite in the financial system.”

Yet, with either narrative, there’s an acute need for stablecoin legislation.

And so the table is set for Senator Toomey, who could steward narrowly-defined legislation in an expedited process that builds on his Stablecoin TRUST Act. In fact, the Senator said 2022 passage was possible only a month ago when speaking at the Consensus conference in Austin:
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New Stablecoin Transparency Act Supports Innovation and Protections Say Lawmakers

D.C. blockchain policy discussion around stablecoins is heating up. Last week, two Republican legislators sought transparency, and investor and innovation protections in one fell swoop.

Senator Bill Hagerty (R., Tennessee) introduced a new bill called the Stablecoin Transparency Act (S.3970) in the U.S. Senate. According to the legislation, the intention is to “establish reporting requirements for issuers of fiat currency-backed stablecoins, and for other purposes.” Next stop will be the Senate Committee on Banking, Housing, and Urban Affairs.

Simultaneously in the U.S. House of Representatives, Congressman Trey Hollingsworth (R., IN) introduced “H.R.7328 – To establish reporting requirements for issuers of fiat currency-backed stablecoins, and for other purposes.” The bill has been referred to the House Financial Services for review.

In a release from Sen. Hagerty’s office and in concert with Rep. Hollingsworth, though transparency through regulation is clearly one purpose of the bill, a pro-crypto tone poked through, “This legislation aims to provide much-needed clarity without giving the keys away to unaccountable bureaucrats who threaten to choke off innovation.”

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