• The Digital Assets Financial Technology Inclusion Committee held a hearing on May 18 to discuss stablecoin policy.
• Lawmakers said they want to support stablecoins as a recognized payment method – however, the committee hearing highlighted a huge gap in lawmakers‘ understanding of the technology.
• Congressman French Hill clarified that committee members have the power to reverse the trend of U.S. crypto flight and “submit the U.S. as the leading place for safe payments innovation.”
The Digital Assets Financial Technology Inclusion Committee recently held a hearing on May 18 to discuss stablecoin policy and legislation that would support stablecoins as an accepted payment method.
In opening the meeting, Congressman French Hill stated that it is the committee’s aim to pass legislation that will allow for stablecoins to be used as an accepted form of payment in order to bring legal clarity and consumer protection to the stablecoin ecosystem.
Congressman Hill also addressed anti-crypto sentiment at governmental level, saying that committee members have the power to reverse this trend and make America a leader in payments innovation with regards to safe cryptocurrency use.
At this hearing, bipartisan agreement was found about how best to approach regulation of stablecoins, with representatives from both sides of Congress agreeing upon several points such as consumer protection and preventing money laundering through digital assets like cryptocurrencies.
Overall, this was an important step forward in creating regulatory clarity around cryptocurrencies and stablecoins, setting up potential legislation which may help bring more mainstream acceptance of these digital assets going forward.