Hearing lays bare deepening partisan cracks in the wake of FTX and Terra scandals

05/18 23:25

A hearing on stablecoin regulation held by a subcommittee of the House Financial Services Committee showed deepening partisan cracks between Republicans and Democrats. While both parties agree on the need for stablecoin rules, they clashed over key details of what such a framework should look like. A major sticking point is who should regulate stablecoin issuers, with Democrats favouring giving the Federal Reserve the role of primary regulator, while Republicans say they should be primarily regulated at state level. Despite this rift, there is hope for recovering bipartisanship on stablecoins, as there is broad agreement in Congress that the US needs stablecoin regulation.

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