On Dec. 14, the United States Senate Banking, Housing and Urban Affairs Committee held a listening to titled “Stablecoins: How Do They Work, How Are They Used, and What Are Their Risks?” The testimonies, each spoken and written, centered largely on the final two points, as anxieties over Know Your Customer compliance and the U.S. greenback inflation risk dominated the dialogue.
Held lower than per week after the House of Representatives Financial Services Committee’s listening to on digital property, which was usually perceived as “constructive”, the assembly held by the Banking Committee was anticipated to be robust. Senator Sherrod Brown, a Democrat from Ohio who chairs the Committee and had known as the listening to, is notorious for his essential stance on the crypto business, and the November report from President’s Working Group on Financial Markets (PWG) proved that stablecoins are certainly on the heart of the lawmaker’s consideration resulting from their structural proximity to fiat cash.
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