The Senate Banking Committee hearing titled, “The Financial Stability Oversight Council Annual Report to Congress,” took place with U.S. Treasury Secretary Janet Yellen taking questions from members on behalf of FSOC, which she leads.
Secretary Yellen’s prepared opening testimony included remarks on digital assets asking for Congress to act on creating a regulatory framework, which largely reflected her digital assets testimony at the House Financial Services FSOC hearing earlier in the week.
“… the Council is focused on digital assets and related risks such as from runs on crypto-asset platforms and stablecoins, potential vulnerabilities from crypto-asset price volatility, and the proliferation of platforms acting outside of or out of compliance with applicable laws and regulations. Applicable rules and regulations should be enforced, and Congress should pass legislation to provide for the regulation of stablecoins and of the spot market for crypto-assets that are not securities. We look forward to continuing to engage with Congress on this.”
Chair Sherrod Brown (D, OH) guided the day’s agenda on behalf of the Majority Democrats. Ranking Member Tim Scott (R, SC), a possible candidate for Vice President on former President Donald Trump’s 2024 ticket, led the Minority Republicans. Continue reading “Senate Banking FSOC Hearing Sees Some Crypto Discussion”