ICYMI: Financial Services chair pushes back on bank criticism of stablecoin bill
The ABA organized two letters last week in opposition to pieces of the stablecoin framework, expected to be debated by McHenry’s committee on Thursday. The Block obtained a copy of the North Carolina Republican’s push back to that criticism. A spokesperson for McHenry did not immediately respond to a request for comment.McHenry called the ABA’s criticism of a state approval process for stablecoin issuers “disappointing as it fundamentally misrepresents the text of the legislation.
In letters to the committee chair sent last week, the ABA, state bankers associations, and two other national trade associations “Finally, your letter is silent on the policies that will benefit financial institutions included in the bill,” wrote the Financial Services Committee chair, noting that the stablecoin bill rescinds Securities and Exchange Commission guidance around custody of digital assets, and clarifies that banks can tokenize deposits if they want to. “Banks should be able to fairly compete in the blockchain ecosystem,” he added, before continuing that he wants to continue talking to the ABA about the bill.
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