In a congressional hearing regarding the House's stablecoin bill, traditional finance representatives, including executives from BNY Mellon and a notable Wall Street lawyer, presented their views, indicating a growing acceptance of digital assets within the established financial framework. This shift comes as the political landscape around cryptocurrency legislation evolves, with significant support from both sides of the aisle. Randy Guynn, a lawyer, emphasized that stablecoins should have safeguards akin to bank deposits under the proposed STABLE Act. Meanwhile, BNY Mellon's global head of digital assets highlighted the need for regulatory clarity to ensure client confidence in the custody of these digital tokens. The hearing showcased an increasing alliance between cryptocurrency proponents and traditional finance, signaling a potential for regulatory progress. This momentum is evident as Congress begins to focus more on the mechanics of regulation rather than the necessity for it. Concurrently, discussions about banning U.S. central bank digital currencies were also underway, reflecting the complexities of the evolving financial landscape.

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