Every witness who appeared in front of the committee seemed to have their own rallying cry for US lawmakers, from calling for greater KYC/AML compliance to "avoid policies that encourage the growth of stablecoins."
The Senate Committee on Banking, Housing and Urban Affairs heard from several expert witnesses with knowledge of stablecoins who urged lawmakers to establish a clear regulatory framework but could not seem to agree on where lines would be drawn.In a Tuesday hearing on “Stablecoins: How do They Work, How Are They Used, and What Are Their Risks?” Hilary Allen, a professor at the American University Washington College of Law, Alexis Goldstein, director of financial policy at Open Markets, Jai Massari, partner at Davis Polk & Wardwell, and Dante Disparte, chief strategy officer and head of global policy at Circle, addressed US senators regarding some of the risks stablecoins may pose to the US financial system and how lawmakers could handle regulating the space. Gol
