Tinian government overrides veto to issue public stablecoin ahead of the US

The Pacific Northern Mariana Islands has overturned Governor Arnold Palacios’ April veto, allowing the small constituent island of Tinian to introduce a stablecoin. With a 14-2 vote, the Tinian government can now license online casinos and have the treasurer manage a new digital currency called the “Tinian Stable Token. That means the treasurer will issue, supervise, and redeem the new stable token. The Tinian stable token will be backed by cash and treasury bills If the Tinian stable token is launched before July, Tinian Island may be the first US public jurisdiction to issue its own stablecoin . Ideally, the token will be backed by cash and treasury bills and will be officially named the Mariana’s US Dollar (MUSD). Mariana’s Municipal Treasury will also hold the asset’s reserves on behalf of the government, and transactions involving the token will be processed on the eCash blockchain platform. Additionally, the Marianas Rai Corporation, a tech solutions company, will exclusively provide blockchain infrastructure for the token. The token’s bill was first passed unanimously by Tinian’s four-member delegation on March 12 and then sent to Governor Palacios, who vetoed it. Some, of course, did not approve of his veto, asking lawmakers to overturn it, including the Marianas Rai Corporation co-founder and technology chief Vin Armani. Armani claimed the bill will draw in a lot of investment and tax revenue from the crypto industry, requesting lawmakers to discuss the bill again. Clyde Norita, the corporation’s director and local legal cannabis mogul, argued similarly, claiming the local economy was dwindling and the bill’s passage would allow business in the region without affecting culture, environment, and immigration status. Thereafter, the nine-member Senate revived it on May 9, voting 7-1 to override. The bill then proceeded to the House, where it also passed. Republican Representative Patrick San Nicolas, a Tinian delegation member who voted on the bill, believes it will help the island recover economically. He added that the bill builds a digital industry that does not rely on tourists or federal subsidies. Another representative who voted against the bill’s overturn, Marissa Flores, remarked, “Every time we talk about casinos, there’s always some kind of bitter pill to swallow. It is true we are in dire need of money, but what I don’t like is when we are desperate, and we are now forced to make a decision because we are desperate once again. Every time we’re desperate, it always seems that we come back to casinos.” The eCash blockchain platform will be observed and supervised The Tinian governor has raised constitutional and enforcement concerns about the bill, doubting the island’s ability to confine gambling to its own jurisdiction. Nevertheless, the Marianas Rai Corporation is preparing to reveal further development by May 19 to deal with capacity and readiness questions. The eCash blockchain platform will also be supervised to ensure transactions run effectively. Like the Tinian bill, some lawmakers, including Senator Elizabeth Warren, have raised concerns about the revised GENIUS Act presented to the Senate for discussion. Warren detailed that the bill left consumer safety issues unresolved. She suggested that the bill may allow for the political misuse of digital assets. She even cautioned against President Trump, who still has not entirely cut off his past crypto business ties. She also argued that the revisions made to the bill are merely cosmetic and do not fix regulatory gaps. Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now

Source: Cryptopolitan