This will be followed by the introduction of a new draft bill in the House proposing a framework for stablecoin regulation. Some speakers invited to testify have released transcripts of their planned testimony.
Austin Campbell, a managing partner at Zero-Knowledge Consulting and adjunct professor at Columbia Business School, believes that stablecoins are basic cash instruments that can expand the reach of the US dollar and increase financial inclusion if legislation does not hinder their progress. He warns that if stablecoin issuers are driven away, the US could lose out, with Tether being the biggest winner of regulatory actions and legislative inaction over the past year.
Jake Chervinsky, chief policy officer at the Blockchain Association, sees stablecoins as a revolutionary upgrade to traditional payment systems, promoting financial inclusion and maintaining the dollar's role in the international economy. He argues that neither the Securities and Exchange Commission nor the Commodity Futures Trading Commission has the regulatory authority to oversee stablecoins, and recommends that stablecoins be overseen by a prudential regulator such as the Fed or the OCC at the federal level to avoid competition between regulatory agencies.
Other speakers at the hearing include Adrienne A. Harris, the Superintendent of the New York State Department of Financial Services, Dante Disparte, the Chief Strategy Officer and Global Policy Head at Circle, and Delicia Reynolds Hand, the Director of Financial Fairness at Consumer Reports.
While some experts believe that a regulatory framework for stablecoins could promote financial inclusion and increase the reach of the US dollar, others have concerns about the potential negative impact of regulation on innovation and competition in the industry. Ultimately, the impact of stablecoin regulation on the crypto industry will depend on the specific details of the regulatory framework and how it is implemented.
Also, Read - The Great British Crypto Adventure: U.K. Government to Regulate Crypto with British Politeness
