Republican lawmakers say the Fed's new oversight of bank crypto and stablecoin ties is undermining its advancement of a bill.
The central bank is"effectively" preventing banks from issuing payment stablecoins, the lawmakers said on Monday in aHouse Financial Services Committee Chair Patrick T. McHenry, R-N.C., Rep. Bill Huizenga, R-Mich., and Rep. French Hill, R-Ark., signed the letter.We are concerned that these actions are being taken to subvert progress made by Congress to establish a payment stablecoin regulatory regime.
"While the supervisory non objection process is masked as guidance outlining a process by which these activities can be permissible, it is clear the Fed does not intend to allow any such activity, at least as it relates to public, permissionless blockchains," the lawmakers said. The lawmakers said they want the central bank to respond by Sept. 29. A spokesperson for the bank told The Block that it received the letter and intends to respond."A regulatory framework established by Congress will better protect consumers and provide certainty to market participants," the Republican lawmakers said in the letter.
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