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The Week in Crypto Policy: FSOC, Stablecoin Progress, and New Letter to SEC
Key Insights
- House Financial Services Committee Members discussed FSOC's call for Congress to address regulatory gaps for stablecoins and "crypto-assets that are not securities."
- HFSC Chair McHenry and House Ag Chair Thompson led a letter to Sec. Yellen seeking further clarity on when FSOC thinks crypto assets are securities.
- The Senate Banking Committee's FSOC hearing included a couple of crypto-related illicit finance questions, but by and large, lawmakers focused on shaping the narrative around whether "Bidenomics" has been a success or failure.
- HFSC Ranking Member Maxine Waters told Politico a stablecoin agreement is "very, very close."
House FSOC Hearing
FSOC Background
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George Leonardo is the founder of Cap Hill Crypto, a solo-entrepreneur venture focused on providing nonpartisan insights and analysis on U.S. federal crypto policy. Previously, he worked on Capitol Hill for Senator John Cornyn and as a litigation associate at Milbank LLP.