Key Takeaways: Congress’ Cryptocurrency Hearings

Congress has a long road ahead to develop a comprehensive regulatory framework for dollar-backed stablecoins.

FP Insider Exclusive: Key Takeaways from the House Financial Services and Senate Banking Committees' Cryptocurrency Hearings     This month, Congress brought together cryptocurrency industry leaders to deepen lawmakers’ understanding and discuss the role of stablecoins. FP Analytics is tracking government and industry action across the global financial landscape to help keep you informed. Read on for takeaways from the recent Congressional hearings, or take a deep dive into FP Analytics' three-part series "The Future of Money" to learn more about the fundamentals of the industry and the new financial instruments being adopted by banks, companies, and investors. Take your knowledge to the next level in 2022. Start an FP Insider subscription to access solutions-driven reports at the intersection of geopolitics and business.     Takeaways from Hearings   "The Future of Money"     Looking Ahead The House Committee on Financial Services' and Senate Committee on Banking, Housing, and Urban Development hearings are the first of many discussions between Congress and the cryptocurrency industry.   Issues that warrant further attention include environmental sustainability, stablecoin to cash withdrawals, and  quantum computing  which could potentially crack the cryptography that underpins the crypto economy's security.   Outside the United States, one key thing to watch is the European Council and Parliament  negotiations  on the Regulation on Markets in Crypto Assets (MiCA) and the Digital Operational Resilience Act (DORA) which are designed, in part, to protect consumers and investors and to mitigate cyber threats regarding digital currencies and distributed ledger technology.   Cryptocurrencies hold tremendous potential to improve the financial system, but absent decisive action by regulators, stablecoins may not receive the oversight and regulatory clarity they need, posing serious risks to global monetary stability. For a deeper dive, FP Analytics' three-part " Future of Money Power Map"  series examines the new technologies, economic power shifts, and geopolitical tensions driving changes in the international financial system.  We want to hear from you. Hit reply to share your feedback with the FP Analytics team.                © 2021 Foreign Policy All rights reserved. 1750 Pennsylvania Avenue, NW, Suite 200 https://foreignpolicy.com/ | Unsubscribe

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