Features Crypto News by Thebittimes.Com

The soon-to-retire senator introduced the new stablecoin bill only a few weeks before the end of the 117th US congressional session. 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 Dec. 21 bill, called the Stablecoin TRUST Act of 2022 would serve as a framework for stablecoin regulation for his fellow senators who are looking to push out stablecoin legislation in 2023. In a statement, the senator called stablecoins an “exciting technological development that could transform money and payments,” adding: “By digitizing the U.S. dollar and making it available on a global, instant, and nearly cost-free basis, stablecoins could be widely used across the physical economy in a variety of ways.” If passed by Cong...

Despite suggesting a possible ban, U.S. Senator Sherrod Brown stated it would be “very difficult” to implement because activity “would go offshore.” United States Banking Committee chairman Sherrod Brown has suggested that the Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) should perhaps consider a ban on cryptocurrencies. Brown’s comments were made in a Dec. 18 appearance on NBC’s “Meet the Press” although the Senator quickly added that a ban would be difficult to enforce. “We want them to do what they need to do at the same time, maybe banning it, although banning it is very difficult because it would go offshore, and who knows how that would work.” Earlier, in response to a host's question about Senator Jon Tester who believes crypto currencies should be banned, Brown said he shares the “same thought.” The Ohio representative stated that over the last 18 months he has been “educating” his colleagues and the public on the dangers of cryp...