Today the U.S. House Committee on Financial Services conducted a hearing about the President’s Working Group (PWG) Stablecoin Report published last year. Some of the Representatives had concerns that requiring issuers to be banks might curtail innovation and encourage stablecoin issuers to relocate abroad.
As context, the report made three key recommendations:
Nellie Liang, UnderSecretary at the U.S. Treasury, responded to concerns about requiring issuers to become banks. She clarified that not all issuers would be supervised as commercial banks. They could be state banks or custodial banks, and there could be significantly lighter touch oversight.
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