The Chairman of the U.S. House Financial Services Committee wrote a letter to Powell, opposing the Fed's stablecoin regulatory letter.

Odaily News - The Chairman of the House Financial Services Committee, Patrick McHenry, the Chairman of the Fintech and Inclusive Growth Subcommittee, French Hill, and the Chairman of the Oversight and Investigations Subcommittee, Bill Huizenga, jointly sent a letter to Federal Reserve Chairman Powell. In the letter, they expressed Congress' understanding of the need for regulatory certainty in stablecoins and the broader digital asset ecosystem. However, they criticized the recent regulatory letters issued by the Federal Reserve, stating that they would undermine the progress made by Congress in establishing a regulatory framework for stablecoin payments. They also expressed concerns that the establishment of a new activity-based regulatory regime appears to impose additional burdens on banking institutions participating in cryptocurrency assets, giving the Federal Reserve greater power to reject activities related to cryptocurrency assets.