US House Committee to Discuss Stablecoins Regulation
The US House Committee on Financial Services will conduct a hearing on April 19 to evaluate the role of stablecoins as a means of payment and determine whether the payment ecosystem needs supporting legislation. The hearing, titled “Understanding Stablecoins’ Role in Payments and the Need for Legislation,” will focus on various stablecoins and their use in the payments landscape. The committee will explore the need for stablecoin legislation based on their underlying collateral structures.
The hearing will include information collected by various federal government agencies over the last year. Participants testifying at the hearing include Circle’s chief strategy officer and head of global policy, Dante Disparte. Circle's in-house stablecoin offering, USD Coin (USDC), will likely be discussed, as it recently depegged from the US dollar after it revealed it had $3.3 billion of funds stuck at the collapsed Silicon Valley Bank (SVB). However, following a bailout of SVB depositors by the US government, USDC repegged its value to the US dollar.
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