Odaily Planet Daily News U.S. House of Representatives Financial Services Committee Chairman Patrick McHenry, Financial Technology and Inclusion Subcommittee Chairman French Hill, and Oversight and Investigation Subcommittee Chairman Bill Huizenga jointly sent a letter to Federal Reserve Chairman Powell, stating that Congress understands that stablecoins and The broader digital asset ecosystem provides the need for regulatory certainty, but recent regulatory letters from the Federal Reserve will upend congressional progress in establishing a regulatory regime for payment stablecoins.
The letter also stated that the establishment of the new activity supervision program appeared to impose an additional burden on banking institutions to participate in encrypted assets and give the Federal Reserve Board greater authority to refuse activities related to encrypted assets.