Northern Mariana Islands Governor Arnold Palacios has vetoed a bill that would have allowed a local government in the US territory to launch its own stablecoin.
The governor of the Northern Mariana Islands, a small Pacific US territory just north of Guam, has killed the legislation that would have allowed one of the territory’s local governments to launch a fully backed US dollar-pegged stablecoin.
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.
