On February 8, 2022, the U.S. House Financial Services Committee (HFSC) held a hearing to review the President’s Working Group (PWG) on Financial Markets Report on Stablecoins, which was released in late 2021. This was an opportunity for Members of the Committee to learn more about the topic and engage in dialogue with Nellie Liang, Under Secretary for Domestic Finance at the Department of the Treasury, about the risks and benefits of the developing stablecoin market.
The PWG report focused on identifying risks and current legislative and regulatory limitations related to the oversight of stablecoins, especially with regard to their use within the payment system. It also provided principals-based legislative recommendations and encouraged Congress to act to address those gaps.
It was evident that many Members of Congress do not understand digital assets, and those that do are divided on their approach to oversee and regulate this rapidly evolving market. The current “fault lines” do not necessarily fall along party lines.
As policymakers in Washington seek to better understand and shape the policies, rules and regulations around digital assets, it is more important than ever to ensure your point of view is considered. Buchanan’s government relations professionals are closely monitoring the issue and able to work with the administration and Congress to ensure your interests are heard. To learn more about how, connect with our Federal Government Relations Group or subscribe to additional Federal Government Relations updates.
To view the President’s Working Group report, click here.