The hearing will take place on Stablecoins with the witness of many US senators and Crypto industry players.
Besides the adoption of the crypto and blockchain industry, Stabelcoins are getting more traction. Stablecoins are giving more ease to the crypto traders to do crypto-related activities and such mass adoption of stable coins is giving birth to many challenges to the US government agencies.
The House of Representatives will take its stance and every point of view on the stablecoins on the stable coins regulation.
The US Senate Banking Committee slated a hearing to take place on 15 February. The title of this hearing is “Examining the President’s Working Group on Financial Markets Report on Stablecoins”. And after the hearing on 15 February, the next hearing will be held by the House Financial Services Committee, entitled “Digital Assets and the Future of Finance: The President’s Working Group on Financial Markets’ Report on Stablecoins.”
Many crypto personalities will participate in the hearing. The main crypto players, who will be witnesses in the hearing, are Jeremy Allaire of Circle, Sam Bankman-Fried of FTX, Alesia Jeanne Haas of Coinbase, and Brian Brooks of Bitfury. At the time of writing this article, the list of senate hearings is not available in the public domain.
The main initiative of these two hearings will be to focus and examine the President’s Working Group on Financial Market research report on Stablecoins, which was released in November 2021.
Federal Reserve report on Stablecoins
This news of hearing schedule stablecoins is coming just after the research report on the stablecoins by the Federal Reserve.
According to a latest published report of the Federal Reserve, stable coins needed to go through a two-tier regulatory system by avoiding the narrow banking system with the provisions to deposit the reserved funds in commercial banks. Report also noted that proper liquidity and full audits needed on the stablecoins issues companies.
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