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:
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.https://t.co/8k3qISgfXf
— Paul Triolo (@pstAsiatech) January 26, 2022
House Financial Services to hold hearing on Treasury-led stablecoin report on Feb. 8. Report had recommended Congress pass legislation requiring issuers to seek out a bank charter.
— Sam Sutton (@samjsutton) January 25, 2022
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 House of Representatives will examine the outlook for stablecoin regulation early next month.
Per a January 25 announcement from Chairwoman Maxine Waters (D-CA), the House Financial Services Committee will hold a virtual hearing on February 8
— ? (@Aldo35100567) January 26, 2022
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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