Source: Cointelegraph
Original: “Stablecoin Bill Passed in Northern Mariana Islands, House Overrides Previous Veto”

The U.S. Pacific territory of Northern Mariana Islands has passed a bill allowing its small member island, Tinian, to issue stablecoins, overriding a previous veto by the territory's governor.

The Northern Mariana Islands House of Representatives, composed of 20 members, voted 14 to 2 to override Governor Arnold Palacios' veto of the bill on April 11. The bill allows the Tinian local government to issue licenses to internet casinos and includes a provision allowing the Tinian financial officer to issue, manage, and redeem the "Tinian Stablecoin."

The territory's Senate, composed of 9 members, restarted the bill on May 9, overriding the veto with a two-thirds majority vote of 7 to 1, after which the bill needed to pass the House with a two-thirds majority to be enacted.

Initially, the four representatives sent by Tinian to the Mariana Islands legislature unanimously passed the bill, which was submitted to Governor Palacios on March 12.

This could make the Tinian government the first U.S. public entity to issue a stablecoin. To beat the Wyoming state government, it must complete this action before July, as Wyoming plans to issue a stablecoin by then.

Tinian has just over 2,000 residents, and its economy is primarily based on tourism. Its local government—the Tinian and Aguiguan municipal government—is one of four municipal authorities in the Northern Mariana Islands Commonwealth, which is a U.S. territory located in the Pacific north of Guam.

Governor Palacios stated in a letter that he vetoed the bill because it "contains several legal issues and may be unconstitutional," that regulation cannot "clearly limit" activities within Tinian, and that it lacks the necessary law enforcement measures to combat illegal gambling.

The stablecoin is called Mariana Dollar (MUSD) and will be backed by cash and U.S. Treasury bonds held by the Tinian Department of Finance, according to a statement shared with Cointelegraph in March.

The Tinian government has chosen the local tech service company Marianas Rai Corporation as the exclusive infrastructure provider for MUSD, which will be issued on the eCash blockchain. This network was renamed from Bitcoin Cash (BCH) ABC in 2021 and is a fork of Bitcoin Cash, which is a fork of Bitcoin.

A spokesperson for Marianas Rai Corp. did not provide further comments, only telling Cointelegraph that the company will announce more information about MUSD on May 19.

Before the vote, House members heard public opinions and discussed whether to override Governor Palacios' veto, after which they proceeded to vote. Among them, nonpartisan House Majority Leader Marissa Flores expressed concerns about the bill.

Vin Armani, co-founder and CTO of Marianas Rai, urged lawmakers to overturn the veto, stating that the bill would "attract billions of dollars in investment and tax revenue from the cryptocurrency industry," without requiring government funding.

Clyde Norita, a director of Marianas Rai and a local legal cannabis entrepreneur, told the House that the local economy is "heading towards recession," and that the bill would allow the region to develop businesses, "without affecting our culture, our environment, or our immigration status."

Flores, who voted against overriding the veto, stated, "Every time we discuss casino issues, there are always some uncomfortable realities we have to face."

"Admittedly, we are in urgent need of funds, but what I dislike is being forced to make decisions when we are in a desperate situation, and we find ourselves in that situation again," she added. "Whenever we are in a bind, it seems we always revert to the casino option."

Flores said, "I don’t want to be cornered into making decisions based on fear."

Others expressed more support for the measure, with Tinian delegation member and Republican representative Patrick San Nicolas, who initially voted in favor of the bill, stating that it would help the region emerge from a "severe economic crisis."

"We need this legislation to unlock our potential," he added. "This bill does not rely on tourists or federal subsidies—it builds a digital industry that generates revenue from licensed jurisdictions."

Related: WisdomTree Executive: The Lack of "Bubble Applications" in Cryptocurrency is a Good Sign

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