CRYPTO CRASH-COURSE
After a series of seven crypto-focused hearings, HFSC will hold a high-profile session Wednesday covering essentially any issue in the digital asset arena Members target. We thus expect a wide-ranging session that will guide our assessment as to whether any legislation in 2022 is planned on the House side. As previously noted, Senate Banking Chairman Brown (D-OH) has also launched an inquiry into stablecoin trading-platform stability and conflicts. Chairwoman Waters’ (D-CA) focus is more likely aimed at consumer protection and CFPB’s planned initiative in this area. We expect Democrats also to advance recommendations in the PWG’s recent stablecoin report (see Client Report CRYPTO21), while Republicans will push back on grounds also cited by FRB Gov. Waller and former Gov. Quarles. We also expect Republicans to refute the SEC’s view that cryptoassets are securities (see Client Report INVESTOR19).