Another proposed approach to stablecoin regulation has entered the Congressional arena.
On April 6, Senator Pat Toomey (R-PN) released a draft of his Stablecoin Transparency of Reserves and Uniform Safe Transactions Act, or Stablecoin TRUST Act.
The bill as currently written focuses on a new definition, “payment stablecoin,” which must be redeemable for fiat currency. Its backing must also be limited to assets “that are cash and cash equivalents or level 1 high-quality liquid assets denominated in United States dollars.” The last category is slightly more expansive than the cash and 3-month T-notes that have become standard among most of the larger stablecoins, but would limit, for example, commercial paper.
Payment stablecoin issuers would then be able to operate within one of three separate licensing regimes for issuers of what it defines as “payment stablecoins.” These are traditional bank charters, a new charter for payment stablecoins, and state-by-state money transmitter lic
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