230724 Testimony Stablecoin Legislation HFSC


July 25, 2023


The U.S. Chamber of Commerce supports your work to enact legislation that would provide a comprehensive regulatory framework for payment stablecoin issuers. Consumers and industry alike would benefit from a clearer regulatory framework. By enacting legislation, Congress can provide affirmative direction to regulators regarding parameters for issuing payment stablecoins to further consumer protection and financial stability.

The Chamber’s 2021 report, “Digital Assets: A Framework for Regulation to Maintain the United States’ Status as an Innovation Leader,” is intended to provide a roadmap to U.S. policymakers. The report includes considerations for a digital asset framework with a particular focus on financial services regulatory regimes, because of their significant impact on digital assets and related blockchain innovation. A competitive and workable regulatory framework for digital assets is critical to the ability of the U.S. to attract the capital to fund this growing industry and for the promise of the technology to be realized. Payment stablecoins are an integral part of that industry.

230724 Testimony Stablecoin Legislation HFSC