Patrick Toomey actually said...

Mr. Gensler has, I think, at times indicated that stablecoins, at least some stablecoins, may actually be securities.

allowing Amazon, Alphabet, or Meta/Facebook to issue stablecoins would be a worst-case outcome.

Given that stablecoins disrupt the status quo, they've naturally drawn skepticism from incumbent industries and regulators.

some of our witnesses today seem to think that stablecoins are unlikely to ever serve any purpose other than facilitating cryptospeculation.