12:09 p.m. (HB) Rep. Tom Emmer (R-Minn.) pointed out that while stablecoins represent just 5% of the digital asset industry’s total value, they account for more than 75% of crypto trading, which is why they can’t be ignored. He also criticized the President’s Working Group report, noting that while it doesn’t even provide a definition of stablecoins, it didn’t hesitate to assert that their risks are broad and cross numerous jurisdictional lines. A bank-like regulatory framework, said Emmer, would be improper for stablecoins and inadvertently engulf potential future financial products that are vastly different than what is now considered a stablecoin.
Source: https://www.coindesk.com/policy/2022/02/08/live-blog-the-house-talks-stablecoins/?utm_medium=referral&utm_source=rss&utm_campaign=headlines