French Hill shares opinion on regulations for stablecoins
The Chairman of the House Financial Subcommittee on Digital Assets, Financial Technology and Inclusion, French Hill, will be conducting a discussion of the prime issue of a relevant and much-needed regulatory framework for stablecoins. They have aptly coined the discussion “Putting the Stable in Stablecoins.”
According to Hill, the subject was first discussed in 2021, and both the committee and the President’s Working Group have made substantial contributions. The primary emphasis of the discussions was the development of an efficient regulatory framework for stablecoins.
He brought up Under Secretary Liang’s clarification that any regulations proposed regarding stablecoins must have easily enforceable stipulations. Liang also emphasized the importance of stablecoin suppliers’ disclosures and certifications, which are essential for providing clarity to the market.
To address this issue, Hill spells out that the need of the day is to view stablecoins as a means of making payments, a fact that is presently absent. His way is to bring about an adequate regulatory structure through legislation.
In his view, in the year 2022, there was a lot of work done on bipartisan stablecoin legislation, and it is still being pursued in the form of receiving feedback from concerned stakeholders.
In his opinion, however, the fact that they presently have two proposals to consider is definitely an encouraging aspect. One of them is Ranking Member Waters’ proposal, and the other is from the Republicans.
Both of the proposals contain more similarities than differences, which is another highly positive factor. However, in his opinion, at this point in time, it is necessary to have the opinion of Congress, without which stablecoin suppliers will remain edgy, with stablecoins remaining unstable.