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Read. Follow. Verify.Congressional Hearing on Stablecoin Regulation
Record date · January 1, 2023
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What This Bill Does
The House on Digital Assets, Financial Technology, and Inclusion held a hearing on May 18, 2023, to discuss potential legislation aimed at regulating s. The hearing featured testimony from industry experts, consumer advocates, and former regulators regarding how to ensure the stability and safety of these digital assets.
This hearing represents the legislative process to establish federal oversight for s, which could impact how digital assets are issued, backed, and used by consumers and financial institutions.
Who It Affects
Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.
Digital asset issuers
Proposed legislation may impose new regulatory requirements on how these entities issue and back their digital assets.
Financial consumers
Regulatory changes could alter the protections and risks associated with holding or using stablecoins.
Key Facts
- The hearing took place on May 18, 2023, in the Rayburn House Office Building.
- The hearing was titled 'Putting the Stable in Stablecoins: How Legislation Will Help Stablecoins Achieve Their Promise'.
- The subcommittee is exploring legislative frameworks to regulate stablecoins.
- Five witnesses provided testimony, including representatives from consumer advocacy groups, legal firms, and financial technology companies.
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- Written statements and responses to questions for the record were submitted by all five witnesses and several external organizations.
- The hearing included input from the National Association of Federally-Insured Credit Unions (NAFCU) and Americans for Financial Reform.
Frequently Asked Questions
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News Coverage
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Discoveries
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Legislative Focus on Stablecoins
The hearing indicates a formal move by the House Financial Services Committee to transition from general digital asset oversight to specific legislative drafting for stablecoins.
Connected Entities
Sources
www.govinfo.gov
Analysis Score
0–100- Significance65How much this matters to a regular citizen
- Controversy40Intensity of disagreement among stakeholders
- Entertainment10Compellingness for a non-policy-wonk reader
- Buzz30Current news / social attention level
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