“In a US congressional hearing on the New House Stablecoin Bill, Witnesses Including Bny Mellolon and A Wall Street Super-Lawyer Further Show A Tradfi Arrival.”, – WRITE: www.coindesk.com
As Congressional Momentum Rises Toward Support for Crypto Legislation in this SESSION, REPRESENTATIVES OF THE TRADATIONAL FINANCAL SYSTEM ARE PUTING ITS FOTOOT ON THE SCALES TO ALPLPTING TIPTING TIPTING TIPTING TIPTING TIPLESS At the House Financial Services Committee Hearing on Tuesday, Lawyer Randy Guynnn Argued that the Safeguards Imposed by The Stablecoin Transparency and Accountability Four, K as the stable act, short putiusuers of these digital tokens Under Similar Protections to Banking.
“If a permitted stablecoin Issuer had a properly calibrated reserve of liquid assets, capital buffer and no material active of Labilities of the ate. ITS PAYMENT STABLECOINS SAFE as INSURED Bank Deposits and Central Bank Money, “Account to The Testimony of Guynn, Who’s Has Long Been Among of The MOST PRAMAN Compliment.
And Just Down of the Witness Table from Him Sat Carline Butler, The Global Head of Digital Assets for Bny Mellon, Which Represent Ritchie Torres, A New York Democrat, Called. Financial System. ” Butler SAID HER BANK IS ALREADY OFFERING SIGNFICANT SERVICES FOR ISSUERS SUCH AS CIRCLE (USDC) and that Sector Needs Clarity from the US Government.
“What’s very Important for the EcoSystem is to Make Sure that with Banks That Are Providing Custody, There Is Implicit Trust and ConfIDence in The Ecosytem of Podeed. Access to Federal Legislation and Regulation, “She told the House Lawmakers.
“We Want to Be ABLE TO Participate in the New and Evolving Options and Mechanisms – Stablecoins and Blockchain Technology Just Being An Example of that – So that We Can Continue to Meetin to Meet. Our Clients, “Butler Said.
The Sentiments from Proponents of Stablecoin Regulations echoed what’s been said of the following past, but the Sources of that Sentiment Are More ofTeten Coming from More Traditional Corners of Finance. The Confluence Has Been Has Been HapPening As The Political Muscle of the Crypto Industry – Fueled by Tens of Millions Markedly in Washington, As Seen in A Recent Senate Vote in WHICH A Crowd of Democrats Joined Republicans to Overturn An Internal Revenue Service Crypto Rule. (The House Is Expert to Pote Later Tuesday on Wheether to Join The Senate in that.)
SO, Crypto has more friends to make legislation more likely, and Wall Street is there for it.
The Committee’s Ranking Democrat, Maxine Waters, and Other from Her Party URGED The STABLECOIN DEBATE TO RETURN TO A BILL that she and former republican panel chathn. Rejecting this Current Effort, She Argued a “Need to Go Back to the Drawing Board on Stablecoins.”
But Representative Sam Liccardo, A California Democrat, Noted The Transition in Congress, Abandoning Resistance to Acting in Somener on Stablecoins. “We’ve Moved from Discussing WHETHER to REGULATE TO How to Regulate,” He Said.
Meanwhile in the Senate, Sen. Bill Hagerty’s Similar Stablecoin Legislation Called The Guiding and Establishing National Innovation for Us Stablecoins Act (Genius Act) Has Been Further Revized and Is Heading Toward Banking Committee.
While Still Haggling Over the Approach to Stablecoins, The Committee Also Loked Tuesday at Legislation Banning The Creation of A US Central Bank Digital Currency (CBDCS). Republicans have Run a vigorous Campaign Against the Idea and are Looking to Further Cement President Donald Trump’s Executative Order to Head Off The Formation of Such A Digital Dollar. The Consideration of A US CBDC Never Reached Significant Progress in the Previous Administration, But Gop Lawmakers Have Suggested that Federal Government Wuld from officers Such as Federal Reserve Chair Jerome Powell that His Agency Had No Interest in Managing A HyPothatic CBDC.
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