US lawmakers spoke about cryptocurrencies and stablecoins at a committee session.
Assistant professor Austin Campbell, who was among the speakers on the committee, evaluated stablecoins in the regulatory framework. According to Campbell, the lack of clarity in the regulatory framework could push stablecoin issuers out of the US.
Ausitn Campbell: Lack of Stablecoin Regulations Could Drive Issuers Out of the US
The US Congress subcommittee discussed the role of stablecoins. But Austin Campbell, an assistant professor at Columbia Business School, warned that the committee could drag some projects abroad due to a lack of regulation. Noting that regions such as Singapore, Dubai, Abu Dhabi and the UK have already proposed frameworks, Campbell said the US could do better too.
Campbell stated that the US has more robust financial regulations and systems, otherwise people will prefer other places. According to Campbell, he warned that if a better regulatory environment for stablecoins is not established in the US, issuers will move to other countries.
#WATCH: Subcommittee Chairman @RepFrenchHill at today's hearing on stablecoins:
"It’s time for Congress to act and pass legislation to establish a regulatory framework for payment stablecoins."
Read more 🔗https://t.co/eFqzkCC1Zi
📺 Watch his opening remarks 👇 pic.twitter.com/VYHgJRHqOD
— Financial Services GOP (@FinancialCmte) April 19, 2023
Some MPs on the committee expressed similar concerns. House, Chairman of the Financial Services Committee, Patrick McHenry, has published a draft of discussion on how to tackle stablecoins and CBDC.
