Emerging threat or systemic risk? U.S. Senators debate stablecoins

U.S. Senator Elizabeth Warren was among the U.S. Senators pushing for more clarity around whether stablecoins present a systemic risk to the U.S. financial system.

“Instead of being used to pay for goods and services, billions of dollars worth of stablecoins are being used to lubricate speculation in the shadiest part of the crypto ecosystem, where people are lending, trading, and leveraging with no laws and no sheriff anywhere,” Warren said during the U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing on stablecoins.

Titled “Examining the President’s Working Group on Financial Markets Report on Stablecoins,” the hearing’s witness was Nellie Liang, Under Secretary for Domestic Finance at the Department of the Treasury.
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