The Northern Mariana Islands have rejected the bill for Tinian Island to issue its own US dollar stablecoin

According to Cointelegraph, the Governor of the Northern Mariana Islands (a small territory located in the Pacific Ocean north of Guam) has vetoed legislation that would have allowed a local government in the territory to issue a stablecoin fully pegged to the US dollar. Governor Arnold Palacios stated that he vetoed the bill because it "has multiple legal issues and may be unconstitutional". Palacios pointed out that the bill mainly involves issuing licenses to online casinos, but the activities attempting to regulate cannot be "clearly restricted" on Tinian Island. Tinian Island is part of the Northern Mariana Islands and hopes to issue stablecoins. When vetoing the bill, Palacios did not comment on the proposed stablecoin, but expressed objections to the bill's attempt to regulate industries that may cross jurisdictional boundaries, and pointed out that the bill lacks "strong enforcement measures to prevent illegal gambling activities". In February this year, Jude Hofschneider, a Republican senator of the Northern Mariana Islands, led the proposal of a bill aimed at modifying a local law of Tinian Island to allow casino licenses that operate only on the Internet, and additional terms allowed the Secretary of Finance of Tinian Island to issue, manage and redeem "Tinian stable fixed currency".