The U.S. Senate Committee on Banking, Housing and Urban Affairs considered testimony on the regulation of stablecoins and the risks they pose to the U.S. financial system.
The Committee considered the testimony of:
Federal Reserve Board Governor Christopher J. Waller advocated for strong regulatory oversight of stablecoins through a combination of "robust, consistent supervision and regulation and appropriate public backstops," but criticized the approach recommended by the President's Working Group on Financial Markets.
The President's Working Group on Financial Markets, the FDIC and the OCC urged Congress to take prompt action to establish a federal prudential regulatory framework for stablecoins.
In a new report, IOSCO examined the regulatory issues associated with using global stablecoins and considered the effects of applying IOSCO Principles and Standards to stablecoin usage.