US Home Monetary Companies members scold Fed’s Powell for stablecoin invoice obstruction

The Federal Reserve is seemingly working interference with congressional efforts to control stablecoins, in accordance with a letter not too long ago despatched to Fed Chairman Jerome Powell. The letter got here from Chairman of the U.S. Home of Representatives Monetary Companies Committee Patrick McHenry and subcommittee chairs French Hill and Invoice Huizenga.

The legislators have been objecting to 2 Fed letters: SR 23-7 on the Novel Actions Supervision Program and SR 23-8 titled “Supervisory Nonobjection Course of for State Member Banks Looking for to Have interaction in Sure Actions Involving Greenback Tokens.” They wrote:

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