U.S. Senate Banking Committee Throws Softball Questions To Stablecoins Issuers
Stablecoins are in hot water in The States… or are they? The U.S. Senate Banking Committee sent letters to Circle, Tether Holdings Ltd., “Coinbase, Gemini, Paxos, TrustToken, Binance.US, and Centre.” What do these companies have in common? They all issue stablecoins pegged to the US Dollar. Is the US government doing a serious inquire this […]
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Every witness who appeared in front of the committee seemed to have their own rallying cry for U.S. lawmakers, from calling for greater KYC/AML compliance to "avoid policies that encourage the growth of stablecoins." The Senate Committee on Banking, Housing and Urban Affairs heard from several expert witnesses with knowledge of stablecoins who urged lawmakers to establish a clear regulatory framework but could not seem to agree on where lines would be drawn.In a Tuesday hearing on “Stablecoins: How do They Work, How Are They Used, and What Are Their Risks?” Hilary Allen, a professor at the....
For the future of crypto regulation, the US Senate Banking Committee recently advanced the Guiding and Establishing National Innovation for US Stablecoins Act, commonly known as the GENIUS Act, with a bipartisan vote of 18-6. Sponsored by Senator Bill Hagerty (R-Tenn.), the proposed bill seeks to govern stablecoins which can facilitate cheaper and faster transactions […]
The CLARITY Act is moving into a tight, time-sensitive phase after the Senate Banking Committee released its draft on Friday. With the stablecoin compromise text now out in the open, attention is shifting to the long-awaited next step: a Senate Banking Committee markup. CLARITY Act Heads Toward Committee Action As Bitcoinist reported over the weekend, […]
As stablecoins issuers were put under the pressure of Democratic witnesses, Senator Pat Toomey released his own set of regulatory principles. On Dec. 14, the United States Senate Banking, Housing and Urban Affairs Committee held a hearing titled “Stablecoins: How Do They Work, How Are They Used, and What Are Their Risks?” The testimonies, both spoken and written, focused largely on the last two issues, as anxieties over Know Your Customer compliance and the U.S. dollar inflation threat dominated the discussion.Held less than a week after the House of Representatives Financial Services....