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ARTICLE · 29 APRIL 2022

Senator Toomey Releases Stablecoin Regulation Legislation

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The TRUST Act comes after Senator Toomey solicited legislative proposals on stablecoin regulations in the latter half of 2021.

United StatesTechnology
Andrew Olmem
Andrew Olmem
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On April 6, 2022, Senator Pat Toomey (R-PA), ranking member of the Senate Banking, Housing, and Urban Affairs Committee, released a discussion draft of the Stablecoin Transparency of Reserves and Uniform Safe Transactions Act ("TRUST Act"). The TRUST Act comes after Senator Toomey solicited legislative proposals on stablecoin regulations in the latter half of 2021.

The TRUST Act focuses on regulating payment stablecoins, which are defined as:

  • convertible virtual currencies that are designed to maintain a stable value relative to fiat currency,
  • convertible directly to fiat currency by the issuer,
  • designed to be widely used as a medium of exchange,
  • issued by a centralized entity,

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