Northern Mariana Senate Overturns Veto

The stablecoin bill in the Northern Mariana Islands isn’t dead yet. On May 9, the Senate voted 7–1 to override Governor Arnold Palacios’ veto, pushing the legislation to the House for a final vote. If approved by a two-thirds majority, the bill would allow the island of Tinian to issue casino licenses and launch its fully-backed stablecoin. Tinian Lawmakers Push the Stablecoin Bill The stablecoin bill which was introduced in February, proposes the “Marianas US Dollar” (MUSD), which is a token backed by cash and U.S. Treasuries. The Tinian Municipal Treasury would manage its issuance and redemption through the Marianas Rai Corporation. Governor Palacios blocked the bill in April, citing legal issues and possible overreach. But Tinian Senator Karl King-Nabors defended the move, calling it “a transparent way to modernize online gaming.” Senator Celina Babauta opposed the override, warning of limited manpower and federal restrictions. She questioned the government’s ability to enforce stablecoin policies and monitor casino activity Race to Issue First Government-Backed Stablecoin in the US If the House passes the stablecoin bill, Tinian may beat Wyoming in launching the first government-issued stablecoin in the US. Officials say the digital dollar token will run on the eCash blockchain, a fork of Bitcoin Cash. Backers argue this move could help Tinian recover from pandemic losses and attract innovation without hurting the environment. “We need new revenue models,” King-Nabors said, and he added, “This is a way forward.” As U.S. lawmakers debate national crypto regulation and Bitcoin gains more political backing, the Northern Mariana Islands may lead the charge from the edge of the Pacific. This push by the government has been across other states as well. The State of Missouri recently became a crypto haven with its new rule designed to support assets like Bitcoin, Ethereum, and XRP. That plan could make Missouri a crypto haven and position the state to hold Bitcoin as a strategic reserve. In other news, New Hampshire became the first American state to adopt the Strategic Bitcoin Reserve Bill into law. ✓ Share: Coingape Staff CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article. Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss. Source: https://coingape.com/stablecoin-bill-northern-mariana-senate-overturns-veto/