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Stablecoins are being adopted and concerned as well. Recently, Tether (USDT), one of the leading stable crypto tokens has been made official by the shadow government of Myanmar. However, the Myanmar NUG’s measures to adopt USDT seems to have become a point of decision among nations. Notably, such measures would be a concern to the United States, one of the nations that is still looking to introduce stringent stablecoin issuance policy. Notably, as the fiat-pegged tokens issuers were put under the pressure of Democratic witnesses, the US Senator Pat Toomey has released his own set of regulatory principles.
stablecoins are at the center of the senator’s attention
On Tuesday, the US Senate Banking, Housing and Urban Affairs Committee held a hearing titled “Stablecoins: How Do They Work, How Are They Used, and What Are Their Risks?”. The testimonies that were both written and spoken focused on the last two concerns as anxieties over KYC compliance and the USD inflation threat dominated the discussion.
It is notable that the latest hearing was held less than a week after the House of Representatives Financial Services Committee’s hearing on the crypto assets, which was generally perceived as constructive. Such a meeting held by the Banking Committee was expected to be tough. The hearing was called by Senator Sherrod Brown, a Democrat from Ohio who chairs the committee.
Notably, Brown is infamous for his critical stance on the crypto industry, and the November report from President’s Working Group on Financial Market (PWG) proved that fiat-pegged crypto tokens are at the center of the senator’s attention due to their structure.
