Senate Banking Panel Head Seeks Added Information About Stablecoins From Issuers, Exchanges

Senate Banking Panel Head Seeks Added Information About Stablecoins From Issuers, Exchanges
The head of the powerful U.S. Senate banking committee sent letters to stablecoin issuers and exchanges seeking information on how companies are protecting consumers and investors amid the risks highlighted in the recent report by the President’s Working Group on Financial Markets.Sen. Sherrod Brown, Chair of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, said consumers and investors may not understand how stablecoins work and the risks involved.“I have significant concerns with the non-standardized terms applicable to redemption of particular stablecoins, how those terms differ from traditional assets, and how those terms may not be consistent across digital…