{"id":129373,"date":"2025-05-16T06:21:26","date_gmt":"2025-05-16T06:21:26","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=129373"},"modified":"2025-05-16T06:21:26","modified_gmt":"2025-05-16T06:21:26","slug":"stablecoin-bill-passes-in-northern-marianas-as-house-overrides-veto","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=129373","title":{"rendered":"Stablecoin bill passes in Northern Marianas as House overrides veto"},"content":{"rendered":"

Source: Cointelegraph.com NewsThe Pacific US territory of the Northern Mariana Islands has passed a bill allowing its small constituent island of Tinian to launch a stablecoin, overriding an earlier veto by the territory\u2019s governor.
\nThe 20-member Northern Mariana Islands House voted 14-2 to undo Governor Arnold Palacios\u2019 April 11 veto of the bill, which allows 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 territory\u2019s nine-member Senate had revived the bill on May 9, voting 7-1 in a two-thirds majority to override the veto, which then needed a two-thirds majority in the House to pass.
\nRepresentative Marissa Flores (top left) had urged for \u201cthoughtful deliberation\u201d on the internet gaming and stablecoin bill. Source: YouTubeOriginally, a four-member Tinian delegation to the Marianas legislature had unanimously passed the bill to Governor Palacios on March 12.
\nIt may put the Tinian government in the lead to be the first US public entity to issue a stablecoin, which it must do before July if it\u2019s to beat the state of Wyoming government, which is aiming to issue a stablecoin by then.
\nTinian has just over 2,000 residents and a largely tourism-based economy. Its local government, the Municipality of Tinian and Aguiguan, is one of four municipalities in the Commonwealth of the Northern Mariana Islands, a US territory in the Pacific Ocean north of Guam.
\nGovernor Palacios said in a letter that he vetoed the bill as it \u201cpresents several legal issues and may be unconstitutional,\u201d would regulate an activity that could not \u201cbe clearly restricted\u201d to Tinian and that it lacked needed enforcement measures to counter illegal gambling.
\nThe 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, according to statements shared with Cointelegraph in March.
\nThe Tinian government chose local tech services firm Marianas Rai Corporation as the exclusive infrastructure provider for MUSD, which will be launched on the eCash blockchain, a network that rebranded from Bitcoin Cash ABC in 2021 and is a fork of Bitcoin Cash, a blockchain forked from Bitcoin.
\nA Marianas Rai Corp. spokesperson did not comment beyond telling Cointelegraph the company would announce more on MUSD on May 19.
\n\u201cBitter pill to swallow\u201d
\nBefore the vote, House lawmakers heard from the public and discussed overturning Governor Palacios\u2019 veto before they voted it through, with independent House floor leader Marissa Flores airing concerns over the bill.
\nMarianas Rai Corp. co-founder and technology chief Vin Armani had urged lawmakers to undo the veto, saying the bill would \u201cattract billions of dollars of investment and tax revenue\u201d from the crypto industry without the government having to pitch in.
\nClyde Norita, a Marianas Rai Corp. director and local legal cannabis mogul, told the House that the local economy was \u201cdying out\u201d and the bill would allow business in the region \u201cwithout affecting our culture, without affecting our environment, without affecting our immigration status.\u201d
\nRepresentative Flores, who voted against the override, said, “Every time we talk about casinos, there\u2019s always some kind of bitter pill to swallow.\u201d
\nRelated: Stablecoin regulation ‘next catalyst’ for crypto industry \u2014 Aptos head\u00a0
\n\u201cIt is true, we are in dire need of money, but what I don\u2019t like is when we are desperate, and we are now forced to make a decision because we are desperate once again,\u201d she added. \u201cEvery time we\u2019re desperate, it always seems that we come back to casinos.\u201d
\n\u201cI don\u2019t like to be pushed to a corner to make a decision based on fear,\u201d Flores said.
\nOthers were more supportive of the measure, with Republican Representative Patrick San Nicolas, a Tinian delegation member who initially voted on the bill, saying it would help pull the region out of \u201ca deep economic crisis.\u201d
\n\u201cWe need this legislation to unlock our potential,\u201d he added. \u201cThis bill does not depend on tourists or federal subsidies \u2014 it builds a digital industry generating revenue from a licensed jurisdiction.\u201d
\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 NewsThe Pacific US territory of the Northern Mariana Islands has passed a bill allowing its small constituent island of Tinian to launch a stablecoin, overriding an earlier veto… <\/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\/129373"}],"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=129373"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129373\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129373"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129373"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}