Regulation of stablecoins will take center stage next month on Capitol Hill, U.S. Rep. Maxine Waters said in a Tuesday (Jan. 25) announcement.
The chairwoman of the House Financial Services Committee said she is seeking consensus for legislation to regulate stablecoins and other digital assets.
The virtual hearing, “Digital Assets and the Future of Finance: The President’s Working Group on Financial Markets’ Report on Stablecoins,” has been set for Feb 8.
While no witnesses for the hearing have been listed, the discussion is likely to focus on the President’s Working Group on Financial Markets, The Block Crypto reported. The panel, which includes the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC) and Treasury Secretary Janet Yellen, issued a report last fall on suggestions to regulate the growing stablecoin sector.
The issues raised included the need to safeguard the risks for stablecoin users and runs, payment systems and concentration of economic power.
Yellen has told regulators it is critical that the government establishes and adopts a framework for digital currency stablecoins. The proposals are crafted to fix regulatory holes that surround the digital currency.
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Read more: US Treasury’s Janet Yellen Presses for Stablecoin Regulations
This week, U.S. Rep. Patrick McHenry, the ranking Republican member of the House Financial Services Committee and cryptocurrency advocate, urged Waters to work with the panel on digital currencies.
See more: Congress Should Take Decisions on Digital Asset Regulation, Says US Rep McHenry
In a letter to Waters on Monday (Jan. 24), McHenry praised her for last month’s hearing, “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States.” He said the session struck the right chord for members to understand this emerging sector and the issues raised by digital assets.
