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House To Hold Stablecoin Hearing On February 8th


The U.S. House of Representatives will hold a hearing on stablecoins February 8th 2022.

It is likely that we will not receive any more clarity as to the status of cryptocurrencies or a roadmap for a proper regulatory framework with this hearing.

Democrats seem to be more opposed to crypto innovation as of right now, with Republicans being much more open to the innovations brought about through digital assets.

Crypto adoption has grown considerably in the last 2 years with individuals and institutions alike investing significant amounts into the market.

In response to this, the federal government is attempting to navigate the individual issues which make up decentralized finance and the digital asset landscape— with the current pressing issue being the issuance of stablecoins:

According to Politico:

The House Financial Services Committee has scheduled a full hearing for Feb. 8 to discuss a Treasury Department-led report on stablecoins, which recommended that Congress move forward with legislation to require issuers to seek a bank charter.

Rep. Josh Gottheimer (D-N.J.), who sits on the committee, is planning legislation that would require stablecoins to either become a bank or partner with a banking institution, as well as impose reserve requirements.



The Block Crypto reports:

No witness list is yet available. Largely spearheaded by the Treasury under Secretary Janet Yellen, the report in question came out at the beginning of November and urged Congress to restrict stablecoin issuance to insured depository institutions.

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