Policy Scoop with Aislinn Keely: Key takeaways from the stablecoin hearings in Washington

Episode 12 of Season 4 of The Scoop was recorded remotely with The Block’s Aislinn Keely and senior policy reporter Kollen Post.

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The United States Congress turned its attention to stablecoins this month, with senior Treasury official Nellie Liang fielding a range of questions during twin hearings in the House of Representatives and the Senate.

The hearings centered on a recent report on stablecoins penned by members of the President's Working Group, which Liang oversaw. That report urged Congress to create "rules of the road" for stablecoin issuers, mainly by restricting stablecoin issuance to insured depository institutions (IDIs). 

The Treasury has already designated stablecoins a "systemic risk" for the Financial Stability Oversight Council, meaning that if Congress fails to act, the council can step in. Liang told the House and the Senate that she believes in flexibility for any charter standards related to stablecoin issuers. In the meantime, proposals are beginning to float around the Hill. 

During this month's Policy Scoop, The Block's Aislinn Keely sits down with The Block's senior policy reporter, Kollen Post. Post was in attendance for both hearings and has been on the ground tracking the stablecoin regulation landscape from report to proposals.

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Keely and Post also discuss:

  • Why stablecoins are top of mind for Congress and the Treasury
  • The key proposals in the President's Working Group report on stablecoins
  • What transpired at both the House and Senate hearings
  • The proposals taking shape around stablecoin issuance

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to [email protected] or follow her on Twitter for updates @AislinnKeely.