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With a letter dated April 11, Palacios has officially blocked the bill that would have allowed the local government of Tinian to launch MUSD (Marianas US Dollar), a stablecoin pegged to the US dollar and backed by cash reserves and US Treasury securities.
Governor of Northern Mariana Islands Blocks Local Tinian’s Bill for Launching MUSD StablecoinA historic opportunity missed for Tinian’s stablecoin MUSDGovernor of Northern Mariana Islands, Flores H.J. Palacios, has blocked a bill that would have allowed the local government of Tinian to launch a stablecoin pegged to the US dollar and backed by cash reserves and US Treasury securities.
Governor of Northern Mariana Islands Blocks Local Tinian’s Bill for Launching MUSD StablecoinA historic opportunity missed for Tinian’s stablecoin MUSDGovernor of Northern Mariana Islands, Flores H.J. Palacios, has blocked a bill that would have allowed the local government of Tinian to launch a stablecoin pegged to the US dollar and backed by cash reserves and US Treasury securities.
The bill, which was passed by the local legislature in March, would have also granted licenses for online casinos and amended a local law to adjust to the new scenario.
The bill, which was passed by the local legislature in March, would have also granted licenses for online casinos and amended a local law to adjust to the new scenario.
According to a letter dated April 11, Palacios has officially put a stop to the bill by placing his veto on the legislation.
According to a letter dated April 11, Palacios has officially put a stop to the bill by placing his veto on the legislation.
The decision comes as no surprise, considering that the governor had already expressed concerns about the bill in March, shortly after it was passed.
The decision comes as no surprise, considering that the governor had already expressed concerns about the bill in March, shortly after it was passed.
The bill, which was proposed in February by Republican senator Jude Hofschneider, former president of the senate of the Mariana Islands, and approved unanimously by the Tinian delegation on March 12, aimed to grant the treasurer of Tinian the possibility to issue and manage a digital token.
The bill, which was proposed in February by Republican senator Jude Hofschneider, former president of the senate of the Mariana Islands, and approved unanimously by the Tinian delegation on March 12, aimed to grant the treasurer of Tinian the possibility to issue and manage a digital token.
The initiative was largely supported by the community, which saw in the new technology an optimal tool for attracting foreign investment and promoting tourism.
The initiative was largely supported by the community, which saw in the new technology an optimal tool for attracting foreign investment and promoting tourism.
The governor’s veto might put an end to the project, at least in the short term.
The governor’s veto might put an end to the project, at least in the short term.
In his veto, Governor Palacios did not directly speak out against the stablecoin, but rather criticized the entire regulatory framework of the bill.
In his veto, Governor Palacios did not directly speak out against the stablecoin, but rather criticized the entire regulatory framework of the bill.
The text, which amended a local law to grant licenses to exclusively online casinos, also included between the lines the possibility for the treasurer of Tinian to issue and manage a digital token.
According to Palacios, the bill presented “several legal issues” and, in some passages, was potentially unconstitutional.
According to Palacios, the bill presented “several legal issues” and, in some passages, was potentially unconstitutional.
Furthermore, it was emphasized how the regulation of online gambling activity could not be effectively limited to the sole jurisdiction of Tinian.
Furthermore, it was emphasized how the regulation of online gambling activity could not be effectively limited to the sole jurisdiction of Tinian.
This could leave room for potential abuses and illegal activities. According to him, there was a lack of a robust enforcement system, meaning a credible mechanism to control and prevent unauthorized gambling.
"Several legal issues were presented with this bill, and portions of it may present constitutional issues. For example, this bill attempts to limit the regulation of Internet gambling to the jurisdiction of Tinian. However, this bill expressly provides that any legal action brought to collect on a gambling debt must be brought in a Tinian court. This appears to be an attempt to confer jurisdiction over gambling matters to Tinian, notwithstanding the fact that gambling activity will not be limited to Tinian. This presents a clear legal issue. If the legislature wishes to legalize Internet gambling, it should do so expressly and broadly in a manner that is not limited to the jurisdiction of Tinian. Second, this bill appears to create a new class of "preferred creditors" in the case of insolvency or bankruptcy.
If a legal issue had arisen out of this bill, it would have been preferable for the administration to be able to intervene in the legal action. However, this bill expressly prohibits administrative intervention in any legal action arising out of this bill. This presents a clear constitutional issue. The administrative branch of government has a clear interest in being able to intervene in any legal action that could arise out of this bill. For example, if a creditor attempts to collect on a gambling debt in a Tinαν
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