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Compliance anxiety and Republican pushback -Breaking


The United States Senate Banking, Housing and Urban Affairs Committee was established on Dec. 14. A hearing was conducted titled “Stablecoins: How Do They Work, How Are They Used, and What Are Their Risks?” The testimonies, both spoken and written, focused largely on the last two issues, as anxieties over Know Your Customer compliance and the U.S. dollar inflation threat dominated the discussion.

Held less than a week after the House of Representatives Financial Services Committee’s hearing on digital assets, which was generally perceived as “constructive”The Banking Committee held a meeting. ExpectedTo be difficult. Senator Sherrod Brown, a Democrat from Ohio who chairs the Committee and had called the hearing, is infamous for his critical stance on the crypto industry, and the November report from President’s Working Group on Financial Markets (PWG) proved that stablecoins are indeed at the center of the lawmaker’s attention due to their structural proximity to fiat money.

Compliance anxiety

It is the question of issuance

A quiet reaction

What’s next?