{"id":2456066,"date":"2025-02-11T19:38:02","date_gmt":"2025-02-12T00:38:02","guid":{"rendered":"https:\/\/www.pymnts.com\/?p=2456066"},"modified":"2025-02-11T22:31:02","modified_gmt":"2025-02-12T03:31:02","slug":"witnesses-fault-regulation-by-enforcement-of-digital-assets-at-congressional-hearing","status":"publish","type":"post","link":"https:\/\/www.pymnts.com\/blockchain\/2025\/witnesses-fault-regulation-by-enforcement-of-digital-assets-at-congressional-hearing\/","title":{"rendered":"Witnesses Fault \u2018Regulation by Enforcement\u2019 of Digital Assets at Congressional Hearing"},"content":{"rendered":"<p>At a subcommittee hearing on the current state and future potential of digital assets, lawmakers and witnesses from the crypto and payments spheres \u2014 including <a href=\"https:\/\/www.paypal.com\/us\/home\" target=\"_blank\" rel=\"noopener\">PayPal<\/a> \u2014 cautioned against a policy of what was repeatedly referred to as regulation by enforcement.<\/p><div\r\n\tid=\"article-paywall-overlay\"\r\n\tclass=\"d-none\"\r\n>\r\n\t<div id=\"article-paywall-content\" class=\"my-4\">\r\n\t\t\n<div class=\"wpcf7 no-js\" id=\"wpcf7-f2699550-o1\" lang=\"en-US\" dir=\"ltr\" data-wpcf7-id=\"2699550\">\n<div class=\"screen-reader-response\"><p role=\"status\" aria-live=\"polite\" aria-atomic=\"true\"><\/p> <ul><\/ul><\/div>\n<form action=\"\/wp-json\/wp\/v2\/posts\/2456066#wpcf7-f2699550-o1\" method=\"post\" class=\"wpcf7-form init pymnts-article-paywall-form\" aria-label=\"Contact form\" novalidate=\"novalidate\" data-status=\"init\">\n<fieldset class=\"hidden-fields-container\"><input type=\"hidden\" name=\"_wpcf7\" value=\"2699550\" \/><input type=\"hidden\" name=\"_wpcf7_version\" value=\"6.1.5\" \/><input type=\"hidden\" name=\"_wpcf7_locale\" value=\"en_US\" \/><input type=\"hidden\" name=\"_wpcf7_unit_tag\" value=\"wpcf7-f2699550-o1\" \/><input type=\"hidden\" name=\"_wpcf7_container_post\" value=\"0\" \/><input 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name=\"post_id\" value=\"2456066\" \/><input type=\"hidden\" name=\"source\" value=\"https:\/\/www.pymnts.com\/blockchain\/2025\/witnesses-fault-regulation-by-enforcement-of-digital-assets-at-congressional-hearing\/\" \/><p style=\"display: none !important;\" class=\"akismet-fields-container\" data-prefix=\"_wpcf7_ak_\"><label>&#916;<textarea name=\"_wpcf7_ak_hp_textarea\" cols=\"45\" rows=\"8\" maxlength=\"100\"><\/textarea><\/label><input type=\"hidden\" id=\"ak_js_1\" name=\"_wpcf7_ak_js\" value=\"202\"\/><script>document.getElementById( \"ak_js_1\" ).setAttribute( \"value\", ( new Date() ).getTime() );<\/script><\/p><div class=\"wpcf7-response-output\" aria-hidden=\"true\"><\/div>\n<\/form>\n<\/div>\n\r\n\t<\/div>\r\n<\/div>\r\n<div id=\"article-paywall-hidden-content\">\r\n\t\n<p>And, they said, for the right safeguards to be put in place, along with proper guardrails, regulatory clarity is needed.<\/p>\n<p>The remarks, made before the U.S. House Financial Services Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee on a Tuesday (Feb. 11) <a href=\"https:\/\/financialservices.house.gov\/calendar\/eventsingle.aspx?EventID=409452\" target=\"_blank\" rel=\"noopener\">hearing<\/a>, underscored the challenges of regulating the nascent space in a bid to realize, per the hearing\u2019s title, \u201cA Golden Age of Digital Assets: Charting a Path Forward.\u201d<\/p>\n<p>Some of the witnesses warned of regulatory overreach \u2014 as they argued the U.S. has fallen behind Europe and China in terms of technology and innovation \u2014 and others pointed to risks to the financial system tied the ever-more-mainstream embrace of cryptocurrencies and stablecoins.<\/p>\n<p>In his opening statement, Subcommittee Chairman Rep. <a href=\"https:\/\/steil.house.gov\/\" target=\"_blank\" rel=\"noopener\">Bryan Steil<\/a>, R-Wis., said: \u201cDigital assets represent a clear opportunity for the advancement of financial services in the United States,\u201d contending that digital assets can \u201cmodernize our financial infrastructure, enhance the dollar\u2019s dominance in global markets, increase the efficiency of payments \u2014 both domestically and abroad, and provide American businesses and consumers with a faster, cheaper, more transparent way to transact in an increasingly digital economy.\u201d<\/p>\n<p>His statements decried the last presidential administration\u2019s policy of \u201cregulatory overreach.\u201d<\/p><div id=\"pymnt-859305116\" class=\"pymnt-content pymnt-entity-placement\" style=\"margin-top: 50px;\"><p style=\"text-align:center\">Advertisement: Scroll to Continue<\/p><script async type=\"text\/javascript\" id=\"dianomi_context_script\" src=\"https:\/\/www.dianomi.com\/js\/contextfeed.js\"><\/script> \r\n<div class=\"dianomi_context\" data-dianomi-context-id=\"4329\"><\/div><\/div>\n<p><a href=\"https:\/\/www.steptoe.com\/en\/lawyers\/coy-garrison.html\" target=\"_blank\" rel=\"noopener\">Coy Garrison<\/a>, a partner at law firm <a href=\"https:\/\/www.steptoe.com\/en\/\" target=\"_blank\" rel=\"noopener\">Steptoe LLP<\/a>, said that there exist <a class=\"editor-rtfLink\" href=\"https:\/\/docs.house.gov\/meetings\/BA\/BA21\/20250211\/117872\/HHRG-119-BA21-Wstate-GarrisonC-20250211.pdf\" target=\"_blank\" rel=\"noopener\">regulatory gaps<\/a>\u00a0in federal oversight of dollar-denominated stablecoins. But, he said, the recently debuted <a class=\"editor-rtfLink\" href=\"https:\/\/files.constantcontact.com\/9f2b5e3d701\/6c1f8aa0-095c-4a22-9982-2f4380d0b531.pdf?rdr=true\" target=\"_blank\" rel=\"noopener\">discussion draft of the STABLE Act<\/a> provides a framework for the issuance and operation of dollar-denominated stablecoins.<\/p>\n<h2><strong>PayPal Weighs In <\/strong><\/h2>\n<p><a href=\"https:\/\/www.linkedin.com\/in\/jose-fernandez-da-ponte-a46ba81\/\">Jose Fernandez da Ponte<\/a>, senior vice president of PayPal who serves as general manager of the firm\u2019s Blockchain, Crypto, and Digital Currency business, said in his <a class=\"editor-rtfLink\" href=\"https:\/\/docs.house.gov\/meetings\/BA\/BA21\/20250211\/117872\/HHRG-119-BA21-Wstate-FernandezdaPonteJ-20250211.pdf\" target=\"_blank\" rel=\"noopener\">testimony<\/a> that the company is \u201clooking to take online payments onchain. We believe blockchain protocols will bring extraordinary efficiencies to the financial marketplace,\u201d and its 2023 launch of the PayPal USD (PYUSD) stablecoin enables \u201cefficient and cost-effective payments to transition from online to onchain \u2026 By using stablecoins, businesses can reduce financial costs, foreign exchange risk and counterparty risk\u201d while making cross-border payments more efficient.<\/p>\n<p>In reference to regulation, he added that New York State \u201chas led the way on supervision,\u201d as that state\u2019s Department of Financial Services has set up a regulatory framework \u2014 and there should be a federal level framework, as well.<\/p>\n<p>\u201cWe urge lawmakers to adopt a stablecoin issuer framework that continues to enable a state-based option. This framework must have uniform standards for certain reserve requirements, for example, but a state pathway is critical to the continued growth of the industry,\u201d the PayPal executive said. Federal oversight \u2014 and digital asset charters \u2014 should focus on payments, while curbing non-banks from entering other banking activities, he told lawmakers.<\/p>\n<p>In his own <a class=\"editor-rtfLink\" href=\"https:\/\/docs.house.gov\/meetings\/BA\/BA21\/20250211\/117872\/HHRG-119-BA21-Wstate-KimJ-20250211.pdf\" target=\"_blank\" rel=\"noopener\">remarks,<\/a> <a href=\"https:\/\/www.linkedin.com\/in\/ji-hun-k-94568310\/\" target=\"_blank\" rel=\"noopener\">Ji Hun Kim<\/a>, president and acting CEO of the <a href=\"https:\/\/cryptoforinnovation.org\/\">Crypto Council for Innovation<\/a>, also emphasized a national policy to foster innovation and create \u201ca comprehensive legislative framework. Such action can ensure the U.S. regains its competitive footing alongside other leading jurisdictions\u201d across the globe as the stablecoin market has grown to more than $200 billion. He said the Biden administration\u2019s \u201cregulation by enforcement\u201d had been illustrated by 125 actions by the SEC focused on digital assets.<\/p>\n<p>But <a href=\"https:\/\/www.linkedin.com\/in\/tim-massad-bb4944163\/\" target=\"_blank\" rel=\"noopener\">Timothy Massad<\/a>, research fellow and director of digital assets policy project, <a href=\"https:\/\/www.hks.harvard.edu\/\" target=\"_blank\" rel=\"noopener\">Kennedy School of Government, Harvard University<\/a>, <a class=\"editor-rtfLink\" href=\"https:\/\/docs.house.gov\/meetings\/BA\/BA21\/20250211\/117872\/HHRG-119-BA21-Wstate-MassadT-20250211.pdf\" target=\"_blank\" rel=\"noopener\">said<\/a> that while stablecoins are the most useful application of blockchain and digital asset technology, their becoming a general means of payment will hinge on \u201ca regulatory framework that puts the \u2018stable\u2019 into stablecoins.\u201d<\/p>\n<p>He warned that since there is no federal oversight of state-regulated stablecoin issuers, some of those firms could become large enough to become systemically important (and pose risks to financial stability).<\/p>\n<p>\u201cThis all comes back to looking at this comprehensively and looking at the fact that we really don\u2019t have a regulatory framework for a lot of these crypto firms, and we\u2019ve seen a lot of fraud and manipulation as a result of that,\u201d Massad said. A regulatory framework, with a building block approach, should start with stablecoins, he told the subcommittee, \u201cand then turn to market-sector issues.\u201d<\/p>\n\r\n<\/div>\r\n<script>\r\n\twindow.pymntsAllowedArticleCount = 2;\r\n\twindow.pymntsPostID = 2456066;\r\n<\/script>","protected":false},"excerpt":{"rendered":"<p>At a subcommittee hearing on the current state and future potential of digital assets, lawmakers and witnesses from the crypto and payments spheres \u2014 including PayPal \u2014 cautioned against a policy of what was repeatedly referred to as regulation by enforcement. Get the Full Story Complete the form to unlock this article and enjoy unlimited 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