SEC's DeFi Crackdown Sparks Congressional Action and Industry Debate

The US House Committee on Financial Services will hold a hearing on SEC oversight, with SEC Chair Gary Gensler as the star witness, while the Subcommittee on Digital Assets, Financial Technology and Inclusion will take up draft legislation relating to stablecoins. The draft bill includes extensive definitions, establishes requirements at the federal and state level to issue stablecoins, and sets up standards for interoperability, reporting, and enforcement. The legislation also calls for a two-year moratorium on new stablecoins until a study can be completed by the US Treasury.