The latest bill submitted to US Congress aims to introduce more layers of transparency and trust for stablecoins.
Pro-crypto U.S. Senator Pat Toomey has left a parting gift for Congress before he retires. On Dec. 21, he filed the “Stablecoin Transparency of Reserves and Uniform Safe Transactions Act of 2022,” also known as the “Stablecoin TRUST Act of 2022.”
The Republican has advocated for progressive legislation that does not stifle fintech innovation or send crypto companies overseas. However, his counterparts, Senators Elizabeth Warren and Sherrod Brown want to ban the asset class entirely.
In his final days in office before Congress closes down for the holiday period and he retires, Senator Toomey said:
“I hope this framework lays the groundwork for my colleagues to pass legislation next year safeguarding customer funds without inhibiting innovation.”