The answer to the question of what level stablecoin issuers are regulated on “need not be binary,” one witness said.
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State versus federal regulation was a key issue in the hearing on stablecoins in the United States House of Representatives on May 18. The House Committee on Financial Services’ new Subcommittee on Digital Assets, Financial Technology and Inclusion heard testimony from five experts as it considered two proposed bills to regulate stablecoins.
There were two draft bills under consideration by the subcommittee. The Republican bill was published in April ahead of a hearing on stablecoin in the Financial Services Committee. Ranking member Maxine Waters later introduced a competing draft based on a bill that was introduced but not passed
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