Top US Lawmaker Proposes Sweeping Stablecoin Regulation Framework

Sen. Patrick Toomey (R-Pa.), the ranking member of the committee, announced the “Stablecoin Transparency of Reserves and Uniform Safe Transactions Act of 2022,” dubbed the Stablecoin TRUST Act for short, as part of an effort to specify how the U.S.’s different regulatory agencies could approach companies issuing cryptocurrencies whose prices are pegged to the U.S. dollar or other assets.