The House Financial Services Committee held a hearing Tuesday to discuss the need for stablecoin regulation and the harmful impacts of a U.S. Central Bank Digital Currency.
What Happened: The hearing was led by Chairman Rep. French Hill (R-AR) and was titled “Examining a Federal Framework for Payment Stablecoins and Consequences of a U.S. Central Bank Digital Currency,” according to a press release.
The committee members examined the potential of blockchain technology, especially in stablecoin payments. They also discussed the STABLE Act—a legislation introduced in the House last month that aims to establish a clear regulatory framework for payment stablecoins while adhering to U.S. anti-money laundering and sanctions laws.
“A properly regulated stablecoin market …
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