BPI Statement on Senate Banking Hearing on Stablecoins

What’s happening: The U.S. Senate Committee on Banking, Housing and Urban Affairs hosted a hearing today focusing on “Examining the President’s Working Group on Financial Markets Report on Stablecoins.” Paige Pidano Paridon, BPI senior vice president and associate general counsel, issued the following statement in response:

Stablecoins have quickly moved beyond the ideation phase and are being increasingly marketed to consumers, driven primarily by unsupervised institutions conducting business largely outside of the federally regulated financial system. The rapid growth of stablecoins, including the unstable stablecoins that falsely claim to be backed by 100% reserves, could lead to inflated systemic risk and potential harms to consumers. Congress has acknowledged these risks through numerous hearings and should act promptly, in coordination with financial regulators, to establish clear rules that will help to promote competition and responsible innovation in a way that protects consumers.

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About Bank Policy Institute.

The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth.

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