Stablecoin bill passes in Northern Marianas as House overrides veto
By: cryptosheadlines|2025/05/16 14:00:13
0
Share
Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com The 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’s governor.The 20-member Northern Mariana Islands House voted 14-2 to undo Governor Arnold Palacios’ 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 “Tinian Stable Token.” The territory’s 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.Representative Marissa Flores (top left) had urged for “thoughtful deliberation” 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.It 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’s to beat the state of Wyoming government, which is aiming to issue a stablecoin by then.Tinian 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.Governor Palacios said in a letter that he vetoed the bill as it “presents several legal issues and may be unconstitutional,” would regulate an activity that could not “be clearly restricted” to Tinian and that it lacked needed enforcement measures to counter illegal gambling.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, according to statements shared with Cointelegraph in March.The 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.A Marianas Rai Corp. spokesperson did not comment beyond telling Cointelegraph the company would announce more on MUSD on May 19.“Bitter pill to swallow”Before the vote, House lawmakers heard from the public and discussed overturning Governor Palacios’ veto before they voted it through, with independent House floor leader Marissa Flores airing concerns over the bill.Marianas Rai Corp. co-founder and technology chief Vin Armani had urged lawmakers to undo the veto, saying the bill would “attract billions of dollars of investment and tax revenue” from the crypto industry without the government having to pitch in.Clyde Norita, a Marianas Rai Corp. director and local legal cannabis mogul, told the House that the local economy was “dying out” and the bill would allow business in the region “without affecting our culture, without affecting our environment, without affecting our immigration status.”Representative Flores, who voted against the override, said, “Every time we talk about casinos, there’s always some kind of bitter pill to swallow.”Related: Stablecoin regulation ‘next catalyst’ for crypto industry — Aptos head “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,” she added. “Every time we’re desperate, it always seems that we come back to casinos.”“I don’t like to be pushed to a corner to make a decision based on fear,” Flores said.Others 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 “a deep economic crisis.”“We need this legislation to unlock our potential,” he added. “This bill does not depend on tourists or federal subsidies — it builds a digital industry generating revenue from a licensed jurisdiction.”Legal Panel: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight Source link
You may also like

Wall Street's Most Mysterious Money-Making Machine, Crashing Bitcoin Price at 10 a.m. Sharp Every Day
Jane Street's reputation has continued to suffer in recent years

Key Market Information Discrepancy on February 26th - A Must-Read! | Alpha Morning Report
1. Top News: Major Cryptocurrencies, Including Bitcoin, Surge; Jane Street Halts "10 AM Dump" After Lawsuit
2. Token Unlock: $MIRA, $SAHARA, $HUMA, $BLAST, $ALOT

How was the Backpack staking token swap established?
Backpack is taking a path of unvalidated transactions, requiring a delicate balance between regulators, equity holders, and token stakers.

Can You Still Launch a VC Firm Today?
Put Your Reputation on the Line, Find a Clear Edge, Win a Few Key Trades, and Stay in It for the Long Haul

Claude Cowork Adds Scheduled Task, Jane Street Incident Continues to Stir, What's the Overseas Crypto Community Talking About Today?
What Was Trending for Foreigners in the Last 24 Hours?

Leveraging $6,000 to Move a $200M Market Cap? How Polymarket Creates an "Insider Trading Illusion"
After a large bet on Meteora on Polymarket, the price of MET rose instead of falling within an hour.
WEEX AI Hackathon: $8B Traded, Real AI Strategies Proven
How profitable is AI trading in real crypto markets? WEEX's $1.88M global AI hackathon reveals $8B volume, 227% ROI, API strategy data, and why only 8 of 37 traders made profit.

Advantages and Challenges of Modern Cryptocurrency Trading Platforms
Key Takeaways: Modern cryptocurrency trading platforms offer enhanced security measures to protect user assets. User-friendly interfaces and comprehensive…

Original Article Unavailable: Bridging Cryptocurrencies and the Emerging Trends
Key Takeaways Cryptocurrency markets are increasingly woven into the fabric of global financial systems. With advancements in blockchain…

Untitled
I’m sorry, but I am unable to fulfill this request as it lacks specific content from the original…

The one who bought the Meta stablecoin Diem back in the day is a good friend of SBF.
The original idea was to combine a bank-licensed compliant entity with an underlying clearing network built over three years by a Silicon Valley giant, to enable seamless payments for everything you can imagine

February 25th Market Key Insights, How Much Did You Miss Out?
1. On-Chain Funds: $32M inflow to Ethereum this week; $54.9M outflow from Arbitrum
2. Largest Price Swings: $SN115, $RAVE
3. Top News: Tonight's Circle and NVIDIA earnings reports, AI narrative's impact on crypto market sentiment under scrutiny

Dragonfly Partner Haseeb Conversation: The AI Apocalypse is Far Away; Smart Contracts are Machine-Destined Law
In the world of crypto, the first lesson you learn is the importance of "HODLing" on.

IOSG: DeFi Upward, User Downward; Curator's New Paradigm of CeDeFi
As DeFi matures and grows more complex, the Curator is becoming a key intermediary connecting risk and users.

DDC continues to advance its Bitcoin reserve strategy, with a total holding of 2118 BTC
DDC Enterprise Limited has today announced the additional purchase of 50 bitcoins, increasing its total bitcoin holdings to 2,118 bitcoins. This latest acquisition marks DDC's seventh consecutive week of executing its bitcoin accumulation plan. Based on its current holdings, DDC is ranked 34th in the global publicly traded companies bitcoin holdings list.

From Mining Enterprise to Infrastructure Builder, Bitdeer Unpacks the Survival Logic behind BTC
Profit margins nearing the red line, miners are starting to use Bitcoin as fuel.

How Can Agentic Commerce Empower AI to Start Making Money?
The first wave of moneymaking AIs has arrived, which projects are worth paying attention to

February Correction: Is the Crypto Market Bottoming Out?
Based on historical experience, the most intense phase of this downturn may be about to end.
Wall Street's Most Mysterious Money-Making Machine, Crashing Bitcoin Price at 10 a.m. Sharp Every Day
Jane Street's reputation has continued to suffer in recent years
Key Market Information Discrepancy on February 26th - A Must-Read! | Alpha Morning Report
1. Top News: Major Cryptocurrencies, Including Bitcoin, Surge; Jane Street Halts "10 AM Dump" After Lawsuit
2. Token Unlock: $MIRA, $SAHARA, $HUMA, $BLAST, $ALOT
How was the Backpack staking token swap established?
Backpack is taking a path of unvalidated transactions, requiring a delicate balance between regulators, equity holders, and token stakers.
Can You Still Launch a VC Firm Today?
Put Your Reputation on the Line, Find a Clear Edge, Win a Few Key Trades, and Stay in It for the Long Haul
Claude Cowork Adds Scheduled Task, Jane Street Incident Continues to Stir, What's the Overseas Crypto Community Talking About Today?
What Was Trending for Foreigners in the Last 24 Hours?
Leveraging $6,000 to Move a $200M Market Cap? How Polymarket Creates an "Insider Trading Illusion"
After a large bet on Meteora on Polymarket, the price of MET rose instead of falling within an hour.