At dawn on February sixteen, the US Senate held a lengthy-awaited hearing on the topic of cryptocurrencies and stablecoins.
As reported by Coinlive, the US Senate Banking Commission in early February announced that it will hold a hearing titled “Review of the President Biden Financial Advisory Group on Stablecoins Report” on the Stablecoin concern on February 15, with the target most important becoming the report of the identical title published in early November 2021.
This is the 2nd hearing of the Senate Banking Commission in latest months. In mid-December, this committee also held a hearing, criticizing quite a few of the dangers of DeFi and the stablecoin array.
The most prominent guest at final night’s hearing was Ms. Nellie Liang, Deputy Minister of Finance for National Finance and one particular of the authors behind the November report. Last week, Ms. Liang also had to seem ahead of the House of representatives from the United States to give views and evaluation on the aforementioned stablecoin report.
During her Senate hearing, Ms. Liang reiterated her contact to Congress to introduce legislation that governs stablecoin issuers as financial institution-like economic institutions. Ms. Liang’s want was met with resistance from MPs in the House of Commons final week when it was recommended that the nature of banking institutions and stablecoin issuers is distinctive and thus can’t be the identical. exist beneath a range of government rules.
Similarly, when she went to the Senate, Ms. Liang also acquired quite a few disagreements with the existing stablecoin management proposal from the Ministry of Finance. However, not like the session of the House of Representatives, the economic officer has now provided indicators of concessions in answering the query that the banking principles imposed on stablecoin corporations will be “flexible”, suited to the unique nature of the entity’s enterprise.
In addition to the concern of stablecoin management, the Senators continued to increase the concern of the dangers posed by stablecoins, in unique the concern of information and facts transparency. Specifically, the chairman of the Senate Banking Committee is Senator Sherrod Brown, who sent a letter asking important US stablecoin issuers to reply to him on how it performs, revealing that primarily based on what he acquired, he nonetheless feels dissatisfied with how these units they are communicating the dangers and the doing work mechanism of stablecoin merchandise.
Not stopping there, the president also criticized the announcements of quite a few important exchanges that have been lately posted on American tv to a lot more than one hundred million viewers at the Super Bowl occasion earlier this week. Mr. Brown stated the adverts did not mention and warned traders about the dangers that come with cryptocurrencies, but rather have been meant to urge the public to get into the area immediately.
Mr. Brown stated:
“The announcements have not been that investors can ‘lose everything’ when prices fluctuate sharply, consumers can become victims of scams or the grabbing of assets, or this market has not yet accepted strict management by law like other fields.”
Previously, on the morning of February 14 (Vietnam time), important cryptocurrency exchanges in the United States this kind of as FTX, Crypto.com, Coinbase, and Binance invested a massive volume of funds concurrently to acquire ad slots at the Super Bowl occasion. , attracting a whole lot of curiosity.
Other nations this kind of as India, the United kingdom, Spain and Canada have lately created quite a few moves to warn the public about cryptocurrency marketing or inquire corporations to get deceptive marketing actions, the diversion ought to be eliminated.
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