House Subcommittee Holds Hearing on US Crypto Policy Amid Trade War
Representatives from the House Financial Service’s Digital Assets Subcommittee held a hearing on US crypto policy. Key points include:
- Rep. Brad Sherman expressed support for "new coins" over "old coins," indicating a desire for disruption in the crypto space.
- Six Democrats advanced the STABLE Act, which enhances state regulator oversight of stablecoin issuers, similar to the bipartisan GENIUS Act in the Senate.
- Both bills will move to a full floor vote; however, escalating trade tensions may delay progress on crypto legislation.
- Insiders suggest stablecoin legislation is prioritized, with market structure discussions creating division within the industry.
- Paul Atkins’ nomination to the SEC passed the cloture vote in the Senate (51-45), with a final vote potentially scheduled soon.