.FSCDems FinancialCmte will discuss stablecoin regulations with one of the authors of last year's President's Working Group report on stablecoins. This week's State of Crypto newsletter lays out what to expect. By nikhileshde
. This past June, investors sold the TITAN token en masse after concerns that it had no real liquidity. The TITAN token was part of the collateral for the IRON stablecoin. The run on TITAN led to IRON losing its peg to the U.S. dollar, falling below 70 cents within hours.One member of the committee, Rep.
Ron Hammond, the director of government relations at the Blockchain Association, an industry lobbying group,However, at the moment the bill is not being introduced by the committee itself, and is not expected to be proposed during the hearing. Another provision targets China’s digital currency plans directly, requiring the secretaries of Treasury and State to publish a report on the dollar’s role as the world reserve currency, analyzing China’s work in becoming “the world’s leading financial center” and the impact if the yuan were to replace the dollar as a global reserve currency.
“The report shall … review and analyze ways in which the Cross Border Interbank Payment Systems , cryptocurrencies and foreign central bank digital currencies could erode this system,” the bill said.
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