US lawmakers discussed the role of stablecoins at a committee hearing, but some experts expressed concern about the country's regulatory environment.
At an April 19 hearing by the US Subcommittee on Digital Assets, Financial Technology and Inclusion, Austin Campbell, adjunct assistant professor at Columbia Business School, said that regions including Singapore, Dubai, Abu Dhabi and the UK have proposed stablecoins A framework that a competitive regulatory environment for issuers looking for a home. “If you look around the world, you start to see legislation specific to fiat-backed stablecoins,” Campbell said. “I think we can do better in the US. We have more robust financial regulations and institutions. If we don't act, these are the best options and people will take advantage of them."
In Campbell's written testimony, he added: “When I'm asked to consult or advise projects trying to build stablecoins or use stablecoins, my first piece of advice has now become to avoid doing business in the US and registering in the US Those jobs are being done elsewhere.” Some lawmakers on the committee have raised similar concerns about US legislation dealing with stablecoins. Patrick McHenry, chairman of the House Financial Services Committee, released a discussion draft on how Congress could address gits stablecoins and central ed bank .
However, ranking member Maxine Waters said "a lot has happened" that affected how the legislation was drafted, saying the released draft did not represent a compromise between Democratic and Republican members. Arkansas Representative French Hill, who chairs the digital subcalmit assets previous compromise bill an “ugly baby.”
“In addition to FTX and many other things that are going on, this bill that we released in no way represents any final work because so much happened in between,” Waters said. “We need to get back together in negotiations.”
