House Committee on Financial Services Holding Stablecoins Hearing in February

On January 25, the House Committee on Financial Services announced its hearing schedule for the month of February, which includes a full committee hearing on February 8 at 10:00 a.m. ET on "Digital Assets and the Future of Finance: The President's Working Group on Financial Markets' Report on Stablecoins."

As previously discussed by our colleagues, the President's Working Group on Financial Markets, along with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, issued a "Report on Stablecoins" (Report) on November 1, 2021, which provided background on stablecoins, identified regulatory gaps related to such digital assets, and offered recommendations for addressing those gaps. After outlining the risks and deficiencies in the current regulatory landscape as it relates to stablecoins, the Report recommended that Congress enact legislation requiring that stablecoins be governed according to a comprehensive federal framework.

The hearing is virtual and can be livestreamed at https://financialservices.house.gov/live/.