Senate Banking Committee chair seeks information from stablecoin issuers and exchanges, suggesting possible hearing

Senate Banking Committee chair seeks information from stablecoin issuers and exchanges, suggesting possible hearing


Sherrod Brown, the chair of the Senate Committee on Banking, Housing and Urban Affairs, has called on several crypto firms to release information related to consumer and investor protection on stablecoins.

According to a Nov. 23 announcement, Brown sent notices to Coinbase, Gemini, Paxos, TrustToken, Binance.US, Circle, Centre, and Tether requesting information on stablecoins by Dec. 3, suggesting that he and other lawmakers may be preparing to hold a later hearing on the subject. The senator said investors “may not appreciate the complexity and distinct features and terms of each stablecoin,” with crypto platforms not always providing users with the same protections afforded to someone purchasing coins directly from an issuer.

“I have significant concerns with the non-standardized terms applicable to redemption of particular stablecoins, how those

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