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 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....
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 […]
On Thursday, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler spoke before the Senate Banking Committee to defend the agency’s stance on cryptocurrencies and its efforts to include climate risks in public company reports. Pennsylvania Senator Pat Toomey has criticized the SEC for its lack of a crypto regulatory framework. calling out Gensler for failing […]
In a 52–43 vote on the Senate floor on Tuesday, U.S. lawmakers confirmed Lael Brainard as vice chair of the Federal Reserve System for four years. After weeks of delays due, in part, to partisan obstructionism, the United States Senate has confirmed the nomination of Lael Brainard, a member of the Federal Reserve's board of governors, as the next vice chair of the central bank.In a 52–43 vote on the Senate floor on Tuesday, U.S. lawmakers confirmed Brainard a vice chair of the Federal Reserve for four years, potentially beyond her term as a governor ending in January 2026. Brainard was....