In vetoing the bill, Palacios didn’t comment on the proposed stablecoin, instead taking issue with its aim to police an industry that can cross jurisdictional boundaries, and said the measure lacked “robust enforcement measures to prevent illegal gaming activities.”A highlighted excerpt of Governer Palacios’ letter noting his reasons for vetoing the stablecoin and internet gambling bill Source: Northern Mariana Islands Governor’s OfficeTinian misses chance at beating WyomingThe bill’s passage could have seen Tinian’s government be the first US government entity to issue a stablecoin ahead of Wyoming, whose Governor Mark Gordon said in March that the state’s stablecoin could be ready for a launch in July.
In an April 11 letter seen by Cointelegraph, Northern Mariana Islands Governor Arnold Palacios said he vetoed the bill as it “presents several legal issues and may be unconstitutional.”Palacios’ letter said the bill, which largely dealt with issuing licenses to internet casinos, would regulate an activity that could not “be clearly restricted” to Tinian, a small island forming part of the territory that was hoping to launch a stablecoin.
In February, Republican Northern Marianas Senator Jude Hofschneider led the introduction of the bill to amend a local Tinian law to allow internet-only casino licenses, which tacked on a provision allowing the Tinian treasurer to issue, manage and redeem a “Tinian Stable Token.” The four-member Tinian delegation to the Marianas legislature passed the bill in a unanimous vote on March 12.
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Author / Journalist: Cointelegraph by Jesse Coghlan
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