{"id":57462,"date":"2022-02-09T18:43:06","date_gmt":"2022-02-09T16:43:06","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=57462"},"modified":"2025-09-04T11:51:09","modified_gmt":"2025-09-04T08:51:09","slug":"us-congress-rejects-pwg-proposals-on-stablecoins","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/us-congress-rejects-pwg-proposals-on-stablecoins\/","title":{"rendered":"US Congress Rejects PWG Proposals on Stablecoins"},"content":{"rendered":"<p>The U.S. House Financial Services Committee did not back the idea <span data-descr=\"President's Working Group on Financial Markets\" class=\"old_tooltip\">PWG<\/span> of treating stablecoin issuers as insured depository institutions.<\/p>\n<p>The PWG proposal, reflected <a href=\"https:\/\/u1f987.com\/en\/news\/u-s-treasury-releases-report-on-stablecoin-risks\">in the report<\/a> on risks related to stablecoins, would place their issuers on a level with banks. In addition to meeting capital and liquidity requirements, these institutions would be subject to federal oversight.<\/p>\n<p><iframe loading=\"lazy\" width=\"1280\" height=\"720\" src=\"https:\/\/www.youtube.com\/embed\/1431oFPXNn0\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen=\"\"><\/iframe><\/p>\n<p>North Carolina Republican Patrick McHenry proposed regulating at the state level rather than a comprehensive federal stablecoins bill.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cHow will they mitigate these alleged risks? They will turn them into banks [\u2026] and that is a completely opposite approach,\u201d<\/em> he said.<\/p>\n<\/blockquote>\n<p>Committee members agreed with making collateral disclosures mandatory and with regular audits. Chair Maxine Waters urged that the reserve not be reduced to the minimum.<\/p>\n<p>Lawmakers also focused on creating a level playing field for stablecoin issuers, prompted by the fact that big banks already operate as insured depository institutions.<\/p>\n<p>According to <a href=\"https:\/\/www.theblockcrypto.com\/post\/133526\/in-todays-house-hearing-congress-rejects-treasurys-proposed-stablecoin-regime\">The Block<\/a>, the hearings showed that Democrats have become more receptive to the potential impact of cryptocurrencies on underserved communities, minority groups and cross-border transfers. The publication attributed this to growing lobbying by industry representatives and the possibility of accepting digital assets as campaign donations.<\/p>\n<p>On February 15, similar hearings will be held in the Senate.<\/p>\n<p>The Fed published <a href=\"https:\/\/u1f987.com\/en\/news\/fed-releases-report-on-the-risks-and-benefits-of-stablecoins\">a report<\/a>, in which the threats and impact of stablecoins on monetary policy and the U.S. banking system were examined.<\/p>\n<p>Earlier, OCC chief Michael Hsu <a href=\"https:\/\/u1f987.com\/en\/news\/us-banking-regulator-sees-potential-for-greater-trust-in-stablecoins-under-proper-oversight\">allowed<\/a> growth in trust in the stablecoins under proper oversight. The regulator <a href=\"https:\/\/u1f987.com\/en\/news\/us-banking-regulator-warns-of-crypto-adoption-risks\">promised<\/a> in 2022 to publish additional recommendations on integrating cryptocurrencies into banks&#8217; product lines.<\/p>\n<p>In January 2022, the insured FDIC financial institutions USDF Consortium <a href=\"https:\/\/u1f987.com\/en\/news\/group-of-u-s-banks-forms-consortium-to-issue-a-stablecoin\">announced plans<\/a> to promote a \u201cregulated\u201d stablecoin.<\/p>\n<p> Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog Feed<\/a> \u2014 all the news, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog<\/a> \u2014 the most important news, infographics and opinions <\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the House Financial Services Committee, members did not back the idea of equating stablecoin issuers with insured depository institutions.<\/p>\n","protected":false},"author":1,"featured_media":57463,"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":[36,807,26],"class_list":["post-57462","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-stablecoins","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/57462","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=57462"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/57462\/revisions"}],"predecessor-version":[{"id":57464,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/57462\/revisions\/57464"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/57463"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=57462"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=57462"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=57462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}