Sherrod
Brown
(D-Ohio),
a
crypto-skeptic
who
runs
the
influential
Senate
Banking
Committee,
is
open
to
advancing
long-sought
legislation
for
stablecoins,
Bloomberg
reported
Tuesday,
citing
an
interview
with
him.
Brown,
according
to
Bloomberg,
said
that
his
concerns
would
have
to
be
addressed
before
he
would
fully
get
behind
a
stablecoin
law,
however.
Congress
has
for
years
struggled
to
get
any
new
laws
passed
for
cryptocurrencies,
providing
greater
clarity
sought
by
both
critics
and
proponents
of
digital
assets.
Stablecoin
legislation
may,
nonetheless,
be
the
lowest-hanging
fruit
given
that
stablecoins
strongly
resemble
other
regulated
products
like
money-market
funds,
and
there’s
a
strong
incentive
to
create
guardrails
since
they
own
important
conventional
assets
like
U.S.
Treasuries.
Brown’s
reportedly
tentative
support
to
advance
legislation
could
be
an
important
sign
progress
can
be
achieved.
His
Democratic
Party
controls
the
U.S.
Senate
and
thus
sets
legislative
priorities.
Over
in
the
Republican-controlled
House,
soon-to-retire
Rep.
Patrick
McHenry
(R-N.C.)
recently
said
he
remains
optimistic
the
U.S.
can
get
a
new
stablecoin
law
this
year.
