In a recent update, Ron Hammond, the Director of Government Relations at The Blockchain Association, shed light on critical developments in the realm of cryptocurrency legislation. Hammond’s insights revolved around the urgent need for stablecoin regulation, as well as the notable figures championing crypto causes.
One key highlight of Hammond’s report is the emergence of prominent pro-crypto candidates in the race for the Speaker position. Notably, Tom Emmer stands out as a leader in this arena. Emmer’s commitment to crypto legislation dates back to 2017 when he spearheaded a cryptocurrency town hall and introduced the bipartisan Securities Clarity Act. These initiatives sought to establish a clear regulatory framework for digital assets, a mission that continues to be of paramount importance.
1) This week in Congress and crypto: Another week of House Speaker drama and intense focus on Israel/Hamas. For crypto there is a lot of tangental elements on both issues. Many of the speaker candidates have a strong record on crypto so let's quickly meet them and fights to come.
— Ron Hammond (@RonwHammond) October 23, 2023
Additionally, Hammond shared details about two upcoming hearings, one in the U.S. House Committee on Financial Services and another in the Senate Banking and Housing Democrats. While these hearings primarily serve as fact-finding missions, the discussion around stablecoin regulation is expected to take center stage. Many experts believe that the lack of stablecoin regulation has contributed to the rise of offshore stablecoins, further emphasizing the need for comprehensive regulatory measures.
The urgency for stablecoin regulation has gained momentum, especially after Republican Representatives alleged that the Federal Reserve was hindering Congress’s efforts to establish stablecoin regulations. In a letter addressed to Federal Reserve Chair Jerome Powell, Representatives French Hill, Bill Huizenga, and Patrick T. McHenry expressed concerns that such hindrances could discourage banks from entering the digital asset sector. This update underscores the growing importance of regulating stablecoins in the evolving crypto landscape.
