The Financial Services Committee of the White House decided to hold a meeting on April 19 to discuss the areas in which indexed stable cryptocurrencies are used, the ecosystem structure and the regulation requirement.
The Financial Services Committee chose the title of the hearing as “Understanding the Role of Stablecoins and the Need for Regulation.” During the meeting, the information collected by the central government on the sector will be discussed.
Those attending the hearing include a university academic, a New York government official, a member of the Blockchain Association, and Circle Chief Strategy Officer Dante Disparte, a stablecoin issuer.
Circle was adversely affected by the banking crisis in the USA last month. The issuer of the dollar-pegged USDC token announced that it had deposits of $3.3 billion in the sinking Silicon Valley Bank. After the news, there was a great panic in the crypto market. USDC, which is equal to 1 dollar under normal conditions, fell to $ 0.80.
New Draft for Stablecoin Regulation!
A new draft for stablecoin regulation has been prepared in the House of Representatives as the Financial Services Committee hearing approaches.
Speaking after the draft was revealed, Circle CEO Jeremy Allire emphasized that the support of both parties is needed for stablecoin regulation.