The Banking Committee’s top Republican doesn’t want asset-backed stablecoins tarnished by the UST drama.
Treasury Secretary Janet Yellen highlights latest news on UST algorithmic stablecoin losing its dollar peg during Senate Banking Committee hearing.
A discussion draft of the bill was released by Sen. Pat Toomey.
The Stablecoin TRUST Act would give stablecoin issuers a variety of regulatory regimes to abide by, but enforce disclosure and redemption requirements.
The country is using the Winter Olympics in Beijing as an international test of its central bank digital currency (CBDC).
The carve-out would allow for miners, developers and node operators to be exempt from broker tax reporting purposes.
The Pennsylvania Republican said the definition of a broker is too broad and would affect bitcoin miners, which should be exempt.
The hearing was almost certainly the testiest in a trio of crypto-themed inquiries Tuesday morning.