Senate Banking Committee chair seeks information from stablecoin issuers and ...
The senator said he had "significant concerns with the non-standardized terms applicable to redemption of particular stablecoins" in separate letters to eight crypto firms. Sherrod Brown, the chair of the Senate Committee on Banking, Housing and Urban Affairs, has called on several crypto firms to release information related to consumer and investor protection on stablecoins.According to a Nov. 23 announcement, Brown sent notices to Coinbase, Gemini, Paxos, TrustToken, Binance.US, Circle, Centre, and Tether requesting information on stablecoins by Dec. 3, suggesting that he and other....
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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 […]
The anticipated US crypto market structure bill, seen as a landmark piece of legislation following the GENIUS Act, is unlikely to pass this year as Senate Banking Committee Chair Tim Scott announced the postponement of a committee vote. Instead, discussions regarding the bill are expected to resume in early 2026. Pushing Crypto Bill Discussions To Next […]
The U.S. Office of the Comptroller of the Currency (OCC) on Monday published a letter clarifying that national banks and federal savings associations can now hold reserves for stablecoin issuers in the country. According to the OCC’s interpretive letter, reserve accounts can either be funded through deposits from stablecoin issuers or deposits from individual stablecoin holders. It stressed that banks can hold such reserves provided that ”the issuer has sufficient assets backing the stablecoin in situations where there is a hosted wallet.” The letter responds to questions....
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 […]
On Friday, US Sen. Tim Scott, the top Republican from South Carolina who is a member of the Senate Banking Committee, was among keynote speakers at the Bitcoin 2024 conference. Scott, who might chair the committee if Republicans regain control of the Senate, gave a strong message: the government should support the crypto industry. Related […]