Northern Marianas Governor Vetoes Stablecoin Bill, Ending Local Currency Experiment

The governor of the Northern Mariana Islands has vetoed legislation that would have allowed one of the territory’s local governments to launch a US dollar-pegged stablecoin. The bill, which largely dealt with internet casinos and was intended to regulate the issuance of stablecoins in Tinian, was vetoed by Governor Arnold Palacios on grounds of legal concerns and constitutional ambiguity.