FEDERALhearing transcript

High Impact

House Committee Hearing on Stablecoin Regulation

Original title: DIGITAL ASSETS AND THE FUTURE OF FINANCE: THE PRESIDENT'S WORKING GROUP ON FINANCIAL MARKETS' REPORT ON STABLECOINS

January 1, 2022

cryptocurrency stablecoins financial regulation digital assets financial technology

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The Frame

What this does

This hearing marks a formal step in congressional oversight of s, which could lead to new federal regulations affecting how are issued, backed, and traded in the U.S. financial system.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Financial institutions

These entities are subject to potential future federal regulations regarding the issuance and management of digital assets.

Digital asset developers

Companies developing stablecoins face increased congressional scrutiny and potential oversight requirements.

What changed

Last recorded activity January 1, 2022.

What's next

Next step not available in the current record.

Summary

The House Committee on Financial Services held a hearing to discuss the President's Working Group on Financial Markets' report regarding s. The committee reviewed the implications of on the financial system and reauthorized its task forces on Artificial Intelligence and Financial Technology.

Key Facts

The House Committee on Financial Services held a hearing on February 8, 2022, regarding the President's Working Group on Financial Markets' report on stablecoins.
The committee formally reauthorized its Task Forces on Artificial Intelligence and Financial Technology.
Nellie Liang, Under Secretary for Domestic Finance, served as the primary witness.
The committee has established a Digital Assets Working Group of Democratic Members to monitor emerging financial technologies.
Chairwoman Waters previously requested a pause on Facebook's 2019 plans to launch a global stablecoin project (Libra) to allow for regulatory review.

Why It Matters

This hearing marks a formal step in congressional oversight of s, which could lead to new federal regulations affecting how are issued, backed, and traded in the U.S. financial system.

Frequently Asked Questions

What is a stablecoin?

While not defined in the transcript, the hearing focuses on the President's Working Group report regarding these and their impact on the financial system.

What was the outcome of this hearing?

The committee heard testimony from the Treasury Department and reauthorized its internal task forces on AI and Financial Technology.

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