Press Releases
McHenry Statement on President’s Working Group on Financial Markets, Along With the FDIC and OCC, Report on Stablecoins


Washington, November 1, 2021 -

Today, the top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), released the following statement regarding the report on stablecoins released by the President’s Working Group on Financial Markets, along with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC):

“The Biden Administration seems determined to stop innovation in its tracks—harming American consumers and our international competitiveness,” said Republican Leader McHenry. “This report lays bare the jurisdictional challenges our regulators face when it comes to emerging financial innovations, like stablecoins. The President’s Working Group, led by Treasury, has taken a first step by putting the ball in Congress’ court. Unfortunately, Congressional Democrats and the Administration appear committed to blocking technology they don’t understand. Policymakers must thoroughly understand the potential usability and reliability of stablecoins and the benefits provided, while fully examining possible risks. I look forward to working with my colleagues to make the most of this opportunity to responsibly advance innovation.”

Background:
  • Last month, Republican Leader Patrick McHenry (NC-10), along with the top Republican on the Subcommittee on Oversight and Investigations, Tom Emmer (MN-06), and the top Republican on the Task Force on Financial Technology, Warren Davidson (OH-08), sent a letter to Treasury Secretary Janet Yellen requesting clarification on how Treasury categorizes stablecoins and the regulatory implications that flow from its classification.
  • Last month, Republican Leader Patrick McHenry (NC-10) sent a letter to SEC Chair Gary Gensler requesting clarification on a number of public remarks regarding the SEC’s authority to regulate stablecoins.
 
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