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ARTICLE · 14 FEBRUARY 2022

Congress Examines Presidential Working Group's Report On Stablecoins

Buchanan Ingersoll & Rooney
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On February 8, 2022, the U.S. House Financial Services Committee (HFSC) held a hearing to review the President's Working Group (PWG) on Financial Markets Report on Stablecoins, which was released in late 2021.

United StatesTechnology
Emily Elaine Coyle
Emily Elaine Coyle
Kyle Darden Dear
Kyle Darden Dear
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On February 8, 2022, the U.S. House Financial Services Committee (HFSC) held a hearing to review the President's Working Group (PWG) on Financial Markets Report on Stablecoins, which was released in late 2021. This was an opportunity for Members of the Committee to learn more about the topic and engage in dialogue with Nellie Liang, Under Secretary for Domestic Finance at the Department of the Treasury, about the risks and benefits of the developing stablecoin market.  

The PWG report focused on identifying risks and current legislative and regulatory limitations related to the oversight of stablecoins, especially with regard to their use within the payment system. It also provided principals-based legislative recommendations and encouraged Congress to act to address those gaps. 

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