- Janet Yellen told her colleague Josh Gottheimer
- She also favors creating a new oversight body for the crypto-asset spot market;
- So far, the process of drafting a Stablecoin bill has gone nowhere
- Democrats criticized a previous version and are now stalling the process
Yesterday, June 13, the House Finance Committee held a hearing on the future of digital assets. Treasury Secretary Janet Yellen was among the attendees and was asked several “tough” questions.
In particular, Congressman Josh Gottheimer asked her how the Treasury Department sees the CA industry continuing to be regulated. This was pointed out by crypto-enthusiast Alexander Griv.
She said a new supervisory body is needed for the spot market of crypto-assets. As for Stablecoin, the Treasury secretary supports the creation of a “full federal regulatory framework.”
In Grieve’s view, this could be an additional “sprout of support” for the segment in Congress. Especially since the initiative is frankly stalled.
We also covered the text of Circle CEO Jeremy Allaire’s speech at the hearing yesterday. In it, he points to the huge unrealized demand for stabelcoins.
There is also a description of how the drafting of the bill has progressed previously.. In short, Congress is stalling, as Democrats are blatantly stalling the process.
But support from Yellen, as well as some concessions from the Republican camp, could move the initiative forward.. However, it is still too early to talk about any practical results.