{"id":129047,"date":"2025-05-12T04:15:27","date_gmt":"2025-05-12T04:15:27","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=129047"},"modified":"2025-05-12T04:15:27","modified_gmt":"2025-05-12T04:15:27","slug":"stablecoin-bill-gets-second-chance-with-northern-mariana-lawmakers","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=129047","title":{"rendered":"Stablecoin bill gets second chance with Northern Mariana lawmakers"},"content":{"rendered":"

Source: Cointelegraph.com NewsTinian, a small island in the US territory of the Northern Mariana Islands, could get a second chance at launching a stablecoin after the territory\u2019s Senate voted to override the governor\u2019s earlier veto of its stablecoin bill.
\nOn May 9, the Northern Mariana Islands Senate voted 7-1 to override Governor Arnold Palacios’ April 11 veto of the bill, which would allow the Tinian local government to issue licenses to internet casinos and includes a provision for the Tinian treasurer to issue, manage and redeem a \u201cTinian Stable Token.\u201d\u00a0
\nThe bill will now head to the 20-member Northern Mariana Islands House, which will need a two-thirds majority vote to override the veto and pass the bill into law.
\nIf the House is quick to pass the bill, the Tinian government could be in the lead for the first US public entity to issue a stablecoin. It\u2019s in a race against the state of Wyoming, which is aiming to issue a stablecoin by July.
\nTinian is governed by the local government, the Municipality of Tinian and Aguiguan, and is one of four municipalities in the Commonwealth of the Northern Mariana Islands, a small US territory in the Pacific north of Guam.\u00a0
\nTinian has just over 2,000 residents, and its economy heavily relies on tourism.
\nSenators push \u201cmuch-needed\u201d bill despite \u201cdeep concerns\u201d\u00a0
\nGovernor Palacios said in his letter last month that he vetoed the bill as it \u201cpresents several legal issues and may be unconstitutional\u201d and would regulate an activity that could not \u201cbe clearly restricted\u201d to Tinian.
\nDemocrat Senator Celina Babauta, the only one to vote against overriding the veto, said before the vote that she had \u201cdeep concerns with respect to the lack of resources, the lack of manpower\u201d to enforce the gambling law and police use of the stablecoin.
\n\u201cWe are restricted by federal statutes and must comply with that,\u201d she added.
\nSenator Celina Babauta (right) delivers remarks at a Senate hearing alongside Senator Karl King-Nabors (middle). Source: YouTube\u201cWe struggle with trying to find creative and innovative ways to diversify our economy and our industries,\u201d Babauta said. \u201cI don’t believe that gambling is the only thing that we can be looking forward to every single time there’s an investor that comes in.\u201d
\nHowever, Republican Senator Karl King-Nabors, who represents Tinian and co-authored the bill, said it was \u201ca far more stringent and efficient way to oversee the online gaming aspect.\u201d
\n\u201cThis stablecoin is tracked through software, and if anything, it allows for more transparency when it comes to the Tinian Casino Gaming Control Commission,\u201d he added.
\nKing-Nabors said the bill aligned with \u201cmuch-needed\u201d economic diversification measures, as the local economy was yet to bounce back from a COVID-19 pandemic-induced slump.
\n\u201cThis legislation stands at a time where we’re going through so much economic hardships,\u201d King-Nabors added. \u201cI find it difficult that we’re constantly having to step over obstacles when we’re trying to incentivize and look for ways to bring in revenue that don’t affect our environment, that don’t require a brick and mortar, that don’t impact our land.\u201d
\nTinian bids for fully-backed stablecoin
\nRepublican Senator for Tinian, Jude Hofschneider, led the introduction of the bill in February, which aims to amend a local Tinian law to allow internet-only casino licenses, along with allowing the island to launch a fully backed US dollar-pegged stablecoin.
\nA four-member Tinian delegation to the Marianas legislature, which includes Hofschneider and King-Nabors, had passed the bill to Governor Palacios in a unanimous vote on March 12.
\nStatements shared with Cointelegraph in March said the stablecoin is called the Marianas US Dollar (MUSD) and will be backed by cash and US Treasury bills held in reserve by the Tinian Municipal Treasury.
\nThe Tinian government chose tech services firm Marianas Rai Corporation, based in the Northern Mariana Islands\u2019 capital of Saipan, as the exclusive infrastructure provider to issue and redeem MUSD.
\nMUSD is built on the eCash blockchain, a network that rebranded from Bitcoin Cash ABC in 2021 and is a fork of Bitcoin Cash, a blockchain that split off from Bitcoin in 2017.
\nRelated: Senator Tim Scott slams partisan politics for failed stablecoin bill\u00a0
\nMarianas Rai Corp. co-founder and technology chief Vin Armani told Cointelegraph in April that it was \u201cin active discussions with potential partners\u201d about launching the token after Governor Palacios\u2019 veto and was \u201cpoised to act quickly\u201d as US Congress is looking to pass stablecoin laws.
\nIn the US, one stablecoin bill, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, has since stalled in Congress after Senate Democrats pulled support for the bill due to concerns about President Donald Trump\u2019s sprawling crypto ventures.
\nAnother stablecoin-regulating bill in the House, the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, has also lost Democrat support due to Trump\u2019s crypto tie-ups.
\nLegal Panel: Crypto wanted to overthrow banks, now it\u2019s becoming them in stablecoin fight\u00a0Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Source: Cointelegraph.com NewsTinian, a small island in the US territory of the Northern Mariana Islands, could get a second chance at launching a stablecoin after the territory\u2019s Senate voted to… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129047"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=129047"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129047\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129047"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}