SETTING THE STAGE FOR STABLECOINS
The House Financial Services Committee this week will kick off action soon to be echoed by Senate Banking advancing the stablecoin policies set by the President’s Working Group on Financial Markets (see Client Report CRYPTO21). HFSC’s intentions will be announced when majority staff releases its staff memo ahead of the hearing and, as always, we’ll highlight key takeaways. One of them will be the extent to which high-profile legislation floated last week by Rep. Josh Gottheimer (D-NJ) will be baseline text for legislative action. As is often the case, Senate Banking Chairman Brown (D-OH) made it more than clear that he won’t miss Meta’s stablecoin without also saying more about what he’ll do to secure the regulatory outcome he espouses.