April 20, 2023

Congress Weighs Stablecoin Legislation in Hearing

Congress Holds Stablecoin Hearing

The US Congress is currently considering legislation regarding cryptocurrency and stablecoins. This week, the House Financial Services Committee held a hearing to examine the potential benefits and risks of stablecoins. Witnesses from both sides of the aisle spoke at the hearing.

The witnesses offered a variety of perspectives on the potential for stablecoins to revolutionize payments and banking. They also discussed potential risks to consumers and global financial stability.

"We must be thoughtful in our approach to regulate this growing tech, without stifling innovation," said Representative French Hill (R-AR). "Stablecoins could provide countless economic opportunities while also helping to bridge the global digital divide."

"As with all new technologies, it is important that we strike a balance between encouraging innovation and protecting consumers," said Representative Carolyn Maloney (D-NY). "We must carefully consider how to regulate stablecoins while allowing them to fulfill their promise."

The witnesses discussed how stablecoin could lower costs by providing an alternative infrastructure for payment rails. They also noted that it could increase access to financial services in underserved communities.

However, there was agreement that greater oversight is needed so that stablecoins do not become vehicles for money laundering or other illicit activities.

"As policymakers, we must ensure that any regulatory framework is forward looking enough tyo protect consumers and prevent criminal activity," said Rep. Brad Sherman (D-CA).

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