ICYMI: House and Senate hearings on stablecoins will spotlight official behind Treasury report: sources
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.
In both cases, Liang is likely to be the sole witness, though sources indicate that the plan for the Senate hearing remains more malleable. 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.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.
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