The US House of Representatives Committee on Financial Services is set to hold a hearing on the regulation of stablecoins on April 19, following the announcement of a new draft bill on the topic. The hearing will feature testimony from five experts, two of whom have already released transcripts of their statements. Among them, Austin Campbell, a managing partner at Zero Knowledge Consulting and adjunct professor at Columbia Business School, will argue that stablecoins should be seen as a basic cash instrument that could expand the reach of the US dollar and increase financial inclusion if properly regulated.
Meanwhile, Jake Chervinsky, chief policy officer at the Blockchain Association, will call stablecoins “a revolutionary upgrade” to traditional payment systems and advocate for their regulation by a prudential regulator such as the Federal Reserve or the OCC. Other experts set to testify include New York State Department of Financial Services Superintendent Adrienne A. Harris, Circle chief strategy officer and global policy head Dante Disparte, and Consumer Reports director of financial fairness Delicia Reynolds Hand.