Given the explosive growth in the stablecoin and cryptocurrency space, it is critical, I believe, that Congress examine how best to establish appropriate guardrails around stablecoins.
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I do think we can learn a lot from the State regulatory framework, what they have done well, and the things that we can do better.
Shouldn't we be in the game of de-risking rather than adding to the risk of a Federal bailout or, yes, for these products?
By that same notion, you would like to have a single regulator at the Federal level for all financial institutions.
There are no lessons learned from the States included in this report, and I was interested in why that was.
But what I am asking is a separate question. Look, this is not an adversarial conversation.
I think we can have some consensus here on how we get ahead, but one area that I think this committee should examine is the current State regulatory frameworks.
We should not, as this report does, limit our focus to only the risks.
I hope that today we can think bigger and more comprehensively and discuss the potential benefits of increased use of stablecoins.
Washington's knee-jerk reaction to regulate out of fear will not allow stablecoins to achieve their full potential.
We are trying to de-risk, not add risk to the Federal taxpayer.
Currently, there is no Federal law to address digital assets.
What is clear is that we need legislation. We agree on that.
I do have a few more minutes to share some information about the America COMPETES Act. Then I would be prepared to close.
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