Republican Senator Pat Toomey, who is set to retire from U.S. Congress at the end of the term, has used one of his last few weeks in office to introduce a new stablecoin bill, aimed at creating a regulatory framework for “payment stablecoins.”
Toomey — who also serves as the ranking member of the U.S. Banking Committee — said the Stablecoin TRUST Act of 2022 would serve as a framework for stablecoin regulation for his fellow senators, who are looking to pas stablecoin legislation in 2023.