{"id":53475,"date":"2021-11-24T16:16:19","date_gmt":"2021-11-24T14:16:19","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=53475"},"modified":"2025-09-03T15:17:04","modified_gmt":"2025-09-03T12:17:04","slug":"us-senate-seeks-details-from-stablecoin-issuers-on-how-their-coins-operate","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/us-senate-seeks-details-from-stablecoin-issuers-on-how-their-coins-operate\/","title":{"rendered":"US Senate seeks details from stablecoin issuers on how their coins operate"},"content":{"rendered":"<p>The chair of the US Senate Banking Committee, Sherrod Brown, urged the leadership of Circle, Coinbase, Centre, Gemini, TrustToken and Binance.US to disclose information about their stablecoin-related business by December 3. Copies of the letters were obtained by <a href=\"https:\/\/www.theblockcrypto.com\/linked\/125273\/senate-banking-committee-chair-seeks-answers-on-stablecoins-from-centre-paxos-and-more\">The Block<\/a>.<\/p>\n<p>The senator asked to spell out clearly and plainly the processes for issuing and redeeming stablecoins, and to provide details of special arrangements with trading platforms that interact with them.<\/p>\n<p>Brown has not yet sent a similar request regarding Tether Limited, though screenshots bearing its contents have begun circulating on social media.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cActive use of stablecoins and their greater role in conducting transactions with digital assets underscores the need for a deeper understanding of the core operations and limitations of USDC,\u201d<\/em> \u2014 stated in the letter by Circle CEO Jeremy Allaire.<\/p>\n<\/blockquote>\n<p>Brown cited the recent <a href=\"https:\/\/u1f987.com\/en\/news\/circle-backs-regulation-of-stablecoin-issuers-as-banks\">report of the President&#8217;s Working Group on Financial Markets<\/a> under the US president. The report lists risks associated with stablecoins and recommends treating asset issuers as banks.<\/p>\n<p>Back in November, Circle, the operator of USDC, <a href=\"https:\/\/u1f987.com\/en\/news\/circle-backs-regulation-of-stablecoin-issuers-as-banks\">backed<\/a> the Biden administration&#8217;s plan to regulate stablecoin issuers as banking institutions.<\/p>\n<p>Subscribe to ForkLog&#8217;s channel on <a href=\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\" target=\"_blank\" rel=\"nofollow noopener\"> YouTube<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The chair of the US Senate Banking Committee, Sherrod Brown, urged the leadership of Circle, Coinbase, Centre, Gemini, TrustToken and Binance.US to disclose information about their stablecoin-related business by December 3. Copies of the letters were obtained by The Block.<\/p>\n","protected":false},"author":1,"featured_media":53476,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1220,36,807,1230],"class_list":["post-53475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-circle","tag-regulation","tag-stablecoins","tag-us-congress"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53475","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=53475"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53475\/revisions"}],"predecessor-version":[{"id":53477,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53475\/revisions\/53477"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/53476"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=53475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=53475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=53475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}