Stablecoin Issuers and Exhanges Urged to Be Transparent on How They’re Protecting Consumers and Investors-US News | The Epoch Times

The head of the U.S. Senate banking committee sent letters on Tuesday to stablecoin issuers and exchanges urging them to be more transparent about how they are protecting consumers and investors following multiple risks highlighted in the recent report by the President’s Working Group on Financial Markets (PWG). Sen. Sherrod Brown (D-Ohio), chair of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, also sent letters to Coinbase, Gemini, Paxos, TrustToken,  Binance.US, and Centre, stating that he was concerned some consumers and investors may not understand how stablecoins work and the potential risks associated with the digital currency. “I write to request information regarding the Tether stablecoin. As documented in the recent report (Report) by the President’s Working Group on Financial Markets (the PWG), stablecoins present investor protection risks and raise several market integrity concerns,” Brown wrote in his letter to Jean-Louis van der Velde, chief executive officer of Tether Holdings Limited. “Consumers’ increased use of stablecoins, …

Katabella Roberts

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