[ad_1]
Today, McHenry shared his concern that innovation regarding stablecoins may be squelched as some people simply do not understand the technology:
“The Biden Administration seems determined to stop innovation in its tracks—harming American consumers and our international competitiveness. This report lays bare the jurisdictional challenges our regulators face when it comes to emerging financial innovations, like stablecoins. The President’s Working Group, led by Treasury, has taken a first step by putting the ball in Congress’ court. Unfortunately, Congressional Democrats and the Administration appear committed to blocking technology they don’t understand. Policymakers must thoroughly understand the potential usability and reliability of stablecoins and the benefits provided, while fully examining possible risks. I look forward to working with my colleagues to make the most of this opportunity to responsibly advance innovation.”
It is not clear how soon any legislation regarding stablecoins that may garner sufficient support to become law will enter the halls of Congress.
Sponsored Links by DQ Promote
[ad_2]
Source link