In the coming weeks, the Senate and House will have a series of meetings on stablecoins. According to some sources, the conference is coming after a financial report was received from the President’s Working Group (PWG) at the meeting.
Some sources noted that the hearings would feature one witness. The witness is a Treasury official that has been working on stablecoins.
Rumors have it that Nellie Liang is the witness who will appear before the Senate and House. Nellie Liang is undersecretary of the Treasury charged with handling domestic finance.
Meeting With The Congress
As reported by four staff members with information of the scheduled meeting, Liang will go to the House’s Financial Service Committee on the 8th of February. It will begin with the Banking Committee of the Senate on the 15th of February.
Both meetings scheduled to hold in February will likely have Liang as the only witness though this can change at any time.
The Senate and House are yet to release witness lists in preparation for the hearing. It is only the hearing title that has been made known to the public. The title confirmed that a report was received from the President’s Working Group concerning stablecoins.
Although the meeting is not yet part of the Banking Committee’s schedule, an email sent to the press suggests the panel will hold. Both committees plan to go through the report sent by the President’s Working Group.
Sadly, the cryptocurrency community will not be represented at this meeting, although part of the previous hearing on stablecoins at the Senate in December.
Summary Of The Report Submitted By PWG
PWG is a task force that includes the Community Futures Trading Commission, SEC (Securities Exchange Commission), and Federal Reserve. The leader of PWG is Janet Yellen, who is currently Secretary of the Treasury.
Since the concerns of PWG were centered on whether stablecoins had adequate funding, the group leader submitted the file to Liang.
Apart from a summary of the market status of these tokens, the report also asked for transparency on the reserves of stablecoins.
Furthermore, Congress is advised by PWG to enact a law that will limit the issuance of stablecoin to insured depository organizations. Although Liang is still pushing for a restriction, some lawmakers have shown their displeasure about the limitations.
The Financial Stability Oversight Council has threatened to take action if there is no new law on the limitation of stablecoins.