The House Financial Services Committee will meet on Thursday morning to debate a tranche of House resolutions related to cryptocurrency and crypto regulation.
The committee will hold a markup on Thursday morning to debate a tranche of House resolutions related to cryptocurrency and crypto regulation. The meeting is highly anticipated as the threat of federal regulation casts a shadow over myriad digital assets.One piece of legislation would establish some federal regulatory oversight for stablecoins, a form of cryptocurrency that ties their value to an underlying asset, such as gold or fiat currency.
The legislation in question, which is still under debate and subject to revision, applies to payment stablecoins and would define what assets can be used to back stablecoins . Republicans on the committee, including Chairman Patrick McHenry and digital assets subcommittee Chairman French Hill , have been working with Democrats on the legislation, according to Politico.
To understand stablecoins and the need for regulation better, David Sacco, an instructor in finance and economics at the University of New Haven’s Pompea College of Business, compared the concept to money market funds.
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