Stablecoin TRUST Act

Sen. Toomey's proposal would also take stablecoin regulation out of the hands of the Securities and Exchange Commission and the Commodities Futures Trading Commission ( ). The Stablecoin TRUST Act would prevent the classification of "payment stablecoins" as securities and exclude their issuers from being regulated as investment advisors or investment companies.

Instead, the act would create a new federal license for "payment stablecoin issuers" managed by the Office of the Comptroller of the Currency (OCC)—the agency charged with regulating traditional banks and savings institutions.