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Exclusive Congress


HOUSE AND SENATE HEARINGS ON STABLECOINS WILL SPOTLIGHT OFFICIAL BEHIND TREASURY
REPORT: SOURCES

Download PDF / Print

by Kollen Post

FEBRUARY 2, 2022, 3:47PM EST  ·  2 MIN READ



QUICK TAKE

 * Coming Congressional hearings on a report on stablecoins from the President’s
   Working Group will spotlight the Treasury official who spearheaded the
   report, according to people with knowledge of the hearings. 
 * Nellie Liang, the Treasury’s undersecretary for domestic finance, has led the
   department’s push to get Congress to limit stablecoin issuance to insured
   depository institutions. However, that push has met with bipartisan
   resistance.

advertisement


Hearings on stablecoins before both the House and Senate in the next two weeks
are scheduled to feature just one witness: The Treasury official spearheading
recent work on stablecoins, sources tell The Block. 

Nellie Liang, the Treasury’s undersecretary for domestic finance, is slated to
appear before the House Financial Services Committee on February 8 and before
the Senate Banking Committee will host Liang on February 15, according to four
staffers and sources with knowledge of the matter.

In both cases, Liang is likely to be the sole witness, though sources indicate
that the plan for the Senate hearing remains more malleable. 

Neither committee has published their witness lists as of press time. The
Financial Services Committee only includes the hearing title: “Digital Assets
and the Future of Finance: The President’s Working Group on Financial Markets’
Report on Stablecoins.” 

The Banking Committee, meanwhile, had not yet added the hearing to its schedule,
only including it in an email to press that mentions a hearing called “Examining
the President’s Working Group on Financial Markets Report on Stablecoins.”

In both cases, the committees are planning on a deep dive into the report
itself.

While the crypto industry may be displeased with not having a seat at the table,
they have been at a number of other recent hearings, including another focused
on stablecoins before the Banking Committee in December. 

Liang’s centrality to the conversation makes sense. The President’s Working
Group is a joint effort involving the Federal Reserve, the Securities and
Exchange Commission and the Commodity Futures Trading Commission. However, the
Treasury Secretary — currently Janet Yellen — chairs the President's Working
Group (PWG). 

Given that the PWG’s stablecoin concerns focused on prudential risk —
specifically, whether these tokens are verifiably backed by appropriate funding
— Yellen delegated the report to Liang. 

Beyond summarizing the stablecoin market for policymakers, the report made
recommendations for more transparency in stablecoin reserves and redemption
practices. Most controversially, the PWG report advised Congress to pass new law
limiting stablecoin issuance to insured depository institutions.

That effectively limits the field to banks, though stablecoin issuer Circle has
said it is seeking that registration while also denying that it should be
required of future issuers. 

Limiting issuance has proved controversial with lawmakers on both sides of the
aisle, as it seems to lock in incumbents, whether they be established crypto
firms like Circle or traditional giants of finance like JPMorgan Chase, and lock
out potential newcomers. The Treasury has, however, seemed to maintain its
support for the restriction, a push that Liang is still spearheading. 

The report subsequently leveled the threat of action by the Financial Stability
Oversight Council in the absence of new legislation on stablecoins. However,
speaking with Politico’s Victoria Guida shortly after the report’s November
release, Liang said “in the absence of legislation, FSOC can try to take some
actions. But it’s not a full substitute.”

The Treasury's press office did not respond to a request for comment as of
publication time. 


© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for
informational purposes only. It is not offered or intended to be used as legal,
tax, investment, financial, or other advice.


CongressStablecoins


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