Edward Manibusan
CNMI Attorney General Edward Manibusan reiterated that the law creating Tinian’s stablecoin and allowing internet gambling on the island is unconstitutional.
His legal opinion was cited by Gov. Arnold I. Palacios, who disapproved Senate Local Bill 24-1; but both houses of the Legislature overrode his veto, and the measure is now Tinian Local Law 23-3.
Manibusan noted the constitutional implications of local laws that extend beyond their jurisdiction.
“The Tinian local delegation or Rota local delegation can pass laws that affect that locality itself. When it reaches beyond that, it presents a constitutional issue, and that’s our basic concern,” he added.
Manibusan said the issue is “not about the stablecoin itself or cryptocurrency, but rather the scope of the local law and its impact on the entire Commonwealth.”
He said that, “this is about the effect of the local law on the CNMI as a whole, and the Tinian delegation overstepped its authority in creating the stablecoin.”
Asked whether he anticipates any issues arising from the creation of the Tinian stablecoin, Manibusan said: “Not at the moment.”
Proponents of the measure said they have addressed the concerns raised against it.
Recently, Tinian Mayor Edwin P. Aldan announced that the Tinian Treasury has officially issued and minted the Marianas U.S. Dollar or MUSD, marking “a historic milestone for U.S. states, territories, and commonwealths, and a pivotal moment in the evolution of money.”
According to the mayor’s office, MUSD is exclusively issued as a Simple Ledger Protocol token on the eCash (XEC) network, the most widely adopted Bitcoin token standard. Tinian has chosen CNMI-based Marianas Rai Corp. as the exclusive provider of software and services for the issuance and redemption of MUSD, including the growth of the related technology and business development ecosystem, the mayor’s office said.
