US Congress Remains Divided on Crypto Regulation and Stablecoins

The US House of Representatives Financial Services and Agriculture Committees held a joint hearing on digital asset regulation, with some lawmakers calling for Congress to intervene with its own regulatory project to provide certainty and address the competition between regulating agencies. However, there is a political stalemate between those who believe there is no workable framework for crypto in the country and those who believe the existing regulation is enough to ensure compliance. Witnesses at the hearing proposed various solutions, including expanding the CFTC's authority to regulate spot digital asset markets and exchanges, while others suggested that any trading or lending platform that trades Bitcoin or Ethereum must comply with a set of core principles for all tokens traded or used on that platform.