What's Hot

    Messari Releases XRP Ledger Report And Says Ripple Should Win The Court

    22.03.2023

    Katie Wood is confident that organizations will turn to bitcoin en masse

    22.03.2023

    Obligate issued digital bonds without the participation of banks

    22.03.2023
    Facebook Twitter Instagram
    Wednesday, March 22
    Facebook Twitter Instagram
    Crypto News
    • Home
    • Bitcoin
    • Ethereum
      • Altcoins
      • ICO
    • Analytics
    • Blockchain
    • Other
      • DeFi
      • Mining
      • Regulators
      • Security
    Crypto News
    Home»Bitcoin»Two US congressmen oppose tough requirements for stablecoin issuers
    e982f724800ba3845857199c3c823a954f73d1ce
    Bitcoin

    Two US congressmen oppose tough requirements for stablecoin issuers

    AdministratorBy Administrator08.12.2021No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Reading time: ~ 2 m


    Members of the US House of Representatives question the competence of the experts drafting the law to oversee stablecoins.

    Minnesota Republican Tom Emmer at an event held by analytical company Chainalysis on December 6 opposed the decision of the US Presidential Working Group, which proposed to Congress a law allowing only insured financial institutions to issue stablecoins.

    “To put it bluntly, regulation of stablecoin issuers will kill American competitiveness. Most of the members of the working group do not understand stablecoins and the rapid adoption of legislation can actually lead to disaster. “

    Emmer opposed stablecoin regulation. In his opinion, there is already oversight of issuers at the level of several states, including New York and Wyoming. The congressman noted that his attitude towards the regulation of stablecoins does not speak against the supervision of the industry as a whole. Creating a “lightweight regulatory framework,” starting with the definition of terms such as “currency,” “commodity,” and “security,” he said, can foster innovation in the industry.

    The MP also said that the establishment of regulatory boundaries between the Commodity Futures Trading Commission (CFTC) and the US Securities and Exchange Commission (SEC), which are trying to capture as much of the area of ​​responsibility in the regulation of the crypto industry as possible, will help curb the “dangerous practices” of regulators enforcement measures.

    It is curious that the Republican was also supported by the deputy of the Democratic Party from the state of Connecticut Jim Himes. He stated that not everyone will obey the law.

    “You shouldn’t think that we will definitely follow the recommendations. I am skeptical about the idea that all stablecoin issuers should be banks. “

    Himes echoed Emmer’s statement about the incompetence of the working group. This fact, in his opinion, is causing growing concern in the crypto industry.

    Recently, stablecoins have raised concerns among the US authorities, even more than cryptocurrencies. In October, FED Board Member Christopher Waller said that the evolution of the stablecoin market could no longer be ignored. In his opinion, they can be issued by banks and technology companies, but for this it is necessary to work out a clear regulation of stablecoins.

    Last month, Senate Banking Committee Chairman Sherrod Brown sent letters to major stablecoin operators demanding clarification on how stable cryptocurrencies work. US Treasury Secretary Janet Yellen said this month that stablecoins can improve efficiency and facilitate payments, but require proper regulation.




    #congressmen #oppose #tough #requirements #stablecoin #issuers

    congressmen issuers oppose requirements stablecoin tough
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Avatar of Administrator
    Administrator

    Related Posts

    Katie Wood is confident that organizations will turn to bitcoin en masse

    22.03.2023

    The expert analyzed the chart of the Bitcoin exchange rate

    22.03.2023

    “Bitcoin will rise to $50,000 within a year”

    22.03.2023

    Bitcoin news and forecast for March 22, 2023

    22.03.2023
    Add A Comment

    Leave A Reply Cancel Reply

    Recent Posts
    • Messari Releases XRP Ledger Report And Says Ripple Should Win The Court
    • Katie Wood is confident that organizations will turn to bitcoin en masse
    • Obligate issued digital bonds without the participation of banks
    • Ukraine launched a platform for detecting cryptocurrencies associated with criminals
    • Ripple price rises by 20% amid a new turn in the proceedings with the SEC
    Recent Comments
    • 수원출장 on A professor from a US university restored the Tornado Cash code to GitHub
    • 123 on Taproot support added to LND Lightning client
    • houston junk car buyer on 16,000% increase in social media mentions in 2021 Shiba inu
    • Jim Carrey Memy on Bitwise Launches NFT Tracking Index Fund
    • hotshot bald cop on Kava developers launch testnet with EVM support
    Archives
    • March 2023
    • February 2023
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    Categories
    • Altcoins
    • Analytics
    • Bitcoin
    • Blockchain
    • Ethereum
    • ICO
    • Mining
    • Other
    • Regulators
    • Security
    Meta
    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org
    Top Posts

    Subscribe to Updates

    Get the latest sports news from SportsSite about soccer, football and tennis.

    Advertisement
    Demo
    Facebook Twitter Instagram Telegram
    • Home
    • Bitcoin
    • Ethereum
    • ICO
    © 2023 Bt-Crow.com - CryptoNews

    Type above and press Enter to search. Press Esc to cancel.