Congressional Hearing Debates State Regulation of Stablecoins and "Race to the Bottom" Concerns

05/18 19:05

The latest Congressional hearing on creating a comprehensive framework for digital assets saw debate over whether states should be able to regulate stablecoins and whether this would result in a "race to the bottom". The hearing featured stablecoin bills from both the top Republican and Democrat on the House Financial Services Committee, with debate drawing unusual lines of agreement as House Republicans argued that their bill went far enough in creating new guardrails for the technology. Some Democrats on the panel took issue with allowing state regulators to set standards for stablecoin issuance, arguing that this could lead to firms seeking out areas with the loosest regulation. Republicans and Democrats are both in agreement that stablecoin legislation is necessary following the crash of supposedly-stable tokens last year.

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