January 17, 2023
By Tsering Namgyal
Bitwise’s general counsel Katherine Dowling believes that Congress will prioritize stablecoins among other crypto issues.
“The first Congressional focus point will no doubt be stablecoins,” Dowling told Blockworks.
Here is what we know so far
Pointing to the bipartisan bill that lawmakers failed to pass last session, time has come for stablecoin regulation, including reserve reporting and liquidity requirements, she said.
She believes that “regardless of where members of congress on the crypto spectrum – pro or con – or on the learning curve, there is a general sense that something must be done here,” she said.
Dowling said that the while there were several attempts at a more comprehensive legislative package, a more focused approach is probably more likely in the near-term, Dowling told Blockworks.
2022 has been a volatile year for markets, coupled with bankruptcies, criminal charges and low sentiment towards the industry, which means that lawmakers are feeling the pressure now more than ever to get bills passed, Joe Acosta, partner at law firm Dorsey and White told Blockworks.
“Right-sized legislation in the space will be a huge boon to the industry and while there may be some pain points in the short term around preparing and organizing over the long term we will all benefit from clear rules ahead.
About the author
Tsering Namgyal is the chief content officer at NFTmetta.com.