Overview of the views of the US Senate hearing: Partisan differences intensify, Pat Toomey outlines the principles of stablecoin legislation
Original source: BitpushNews
Original source: BitpushNews
On Tuesday morning EST, the U.S. Senate Committee on Banking, Housing and Urban Affairs held a meeting titled"Stablecoins: How do they work, how are they used, and what are their risks?"Thematic hearing, scheduled by Banking Committee Chair Sherrod Brown (D-OH), focused on stablecoins and the cryptocurrency space in general.
Four witnesses attended the meeting:
Alexis Goldstein, director of financial policy at Open Markets Institute; Dante Disparte, chief strategy officer and head of global policy at Circle; Jai Massari, partner at law firm Davis Polk & Wardwell, LLP; Hilary J. Allen, professor at American University Washington School of Law.
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Senate Banking Committee Chair Sherrod Brown: Stablecoins Are 'Magic Internet Money,' Not Decentralized
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Sherrod Brown: Encryption as "One Big Tech Hoax"
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Elizabeth Warren: Tether does not support "real dollars", DeFi is the most dangerous part of the encryption world
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Alexis Goldstein: Stablecoins are hard to exchange and convert to cash, not good for financial inclusion
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Jai Massari: Forcing stablecoin issuers to be insured like banks is 'unnecessary and not feasible'
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Jai Massari: A federal license could be created for stablecoin issuers
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Circle Chief Strategy Officer: Stablecoins have been used by financial services companies for payment settlement
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Circle Chief Strategy Officer: Visa uses USDC on a network of 70 million merchants
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Hilary J. Allen: DeFi does not serve the real economy, and stablecoins pose risks to financial services
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Pat Toomey Outlines Principles to Guide Future Stablecoin Legislation
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Steve Daines: Regulatory framework should not overly interfere with stablecoins, avoid overly partisan solutions
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Sherrod Brown concludes: cryptocurrencies will be closely watched to ensure the economy "is not destroyed by another crisis"
Sherrod Brown said towards the end of the meeting that cryptocurrencies would be closely watched to ensure the economy “is not destroyed by another crisis.”
Bitui Xiaobian summarizes:U.S. lawmakers largely agree on the need for new reporting requirements for stablecoin reserves, but there is a clear bipartisan divide on the core utility of stablecoins. In addition, policy makers have not reached a consensus on how to draw regulatory boundaries.
