Pat Toomey, a member of the US Senate Banking Committee, presented a new bill on stablecoins to Congress. This will likely be Toomey’s last directive before resigning.
U.S. Senator Pat Toomey probably made his last act before stepping down at the end of the year. Toomey presented a bill on stablecoins to Congress on December 21. In the proposed bill, stablecoins are subject to certain conditions. when withdrawing from security status investor protection and transparency It was seen that some serious measures were taken in his name.
The most striking aspect of Toomey’s bill is in the event of a stablecoin issuer going bankrupt. priority creditor group stablecoin holders was determined as. Generally considered as a security common stock holders during the creditor in last place While waiting Toomey, more protection in order to provide stablecoin holders in this category during the creditor put it at the top. Experts have seen many events that have taken place in the cryptocurrency ecosystem recently. bankruptcy pointing to this recommendation investor your trust again earning quite on behalf of important a point underlined that.
The bill also transparency was also mentioned. Issuers will be reorganized public disclosure standards Claiming that it is critical to comply with the company’s redemption policies, Toomey clearly public disclosure and accounting firms by organised aspect out of control to pass also stated in the bill.
On the other hand, Toomey issuing companies interest product, service not presenting or any investment company like not behaving provided that their stablecoins movable value aspect may not count expressed.
Toomey, with the draft law he presented, has created the crypto money ecosystem. that you support and competition that you can’t undermine however investor of the protection in what you intend stated. “TRUST” This bill, called the US dollar by digitizing it globally fast and increasingly low costly Toomey, who stated that this bill could be put into use in a way Only issuer by company like the US dollar nominal moneys and stablecoins collateralized with “high quality liquid” assets that you cover underlined.