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The United States Congress turned its attention to stablecoins this month, with senior Treasury official Nellie Liang fielding a range of questions during twin hearings in the House of Representatives and the Senate.

The hearings centered on a recent report on stablecoins penned by members of the President’s Working Group, which Liang oversaw. That report urged Congress to create “rules of the road” for stablecoin issuers, mainly by restricting stablecoin issuance to insured depository institutions (IDIs). 

The Treasury has already designated stablecoins a “systemic risk” for the Financial Stability Oversight Council, meaning that if Congress fails to act, the council can step in. Liang told the House and the Senate that she believes in flexibility for any charter standards related to stablecoin issuers. In the meantime, proposals are beginning to float around the Hill. 

During this week’s Policy Scoop, The Block’s Aislinn Keely sits down with The Block’s senior policy reporter, Kollen Post. Post was in attendance for both hearings and has been on the ground tracking the stablecoin regulation landscape from report to proposals.

Keely and Post also discuss:

• Why stablecoins are top of mind for Congress and the Treasury
• The key proposals in the President’s Working Group report on stablecoins
• What transpired at both the House and Senate hearings
• The proposals taking shape around stablecoin issuance

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