Crypto News: A US House Committee on Financial Services will hold a hearing next week on “Understanding the Role of Stablecoins in Payments and the Need for Legislation”. The hearing could be about the potential of stablecoins to support favorable payment options. However, the committee could also address risks to users and the wider financial system. The stablecoin market is key to liquidity in the crypto market, as its peg to the US dollar provides easy access to fiat currency.

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The recent banking crisis in the United States has highlighted the use of cryptocurrencies and stablecoins in particular, as concerns about the security of deposits in bank accounts have increased. This led investors to look for alternative ways to store value in difficult times. But stablecoins also had their fair share of concerns as these dollar-pegged currencies risk losing their peg to the $1 value. Meanwhile, members of the Financial Services Committee will hold a hearing on stablecoins on April 19, 2023.

Circle’s Executive to testify

The hearing will include Dante Disparte, Chief Strategy Officer and Head of Global Policy of Circle, the company behind USDC. A report on stablecoins from the President’s Working Group on Financial Markets (PWG) in November 2021 noted that these cryptocurrencies could improve the efficiency of retail payments as a clear
regulatory framework has been established. That’s why lawmakers are looking to this category for constructive use, though no timeline has been set for regulatory clarity.

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Anvesh reports major developments around crypto adoption and trading opportunities. He has been associated with the industry since 2016 and is now a strong advocate for decentralized technologies. Anvesh is currently based in India. Contact him at [email protected]

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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