ICYMI: In today’s House hearing, Congress rejects Treasury’s proposed stablecoin regime
The Treasury’s push to to move stablecoin issuers into a banking regime met with solid resistance from the House Financial Services Committee today, though other reporting and disclosure requirements are certainly up for discussion.
The distinction, many point out, is that banks make their money by lending out client deposits. Consequently, stablecoin reserve compositions have become a major sticking point in the conversation. Notably, Democratic briefing materials reviewed by The Block highlighted “Republicans and industry perspective,” observing that “[t]here has been a lot of bipartisanship and areas where our views will overlap.”
Jim Himes commented: “There is a radical difference between a stablecoin backed fully dollar-to-dollar […] and what Mr. Green memorably called investing in nothing.” He went on to ask if Liang would “agree that full IDI, bank charter regulation may not be necessary in that case.”anti-money laundering provisions in the COMPETES ActIn response, Liang said that stablecoin issuers would not need the same sorts of oversight, but maintained the need for IDI insurance.
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