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What does the U.S Congress JEC think about Tether and Co.
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The U.S Joint Economic Committee (JEC) held a hearing titled “Demystifying Crypto: Digital Assets and the Role of Government” on 17 November. The agenda? Exploring the “regulatory, policy and economic concerns posed by digital assets.”
In his opening statement, JEC Chair Don Beyer commented,
“Increased crypto-market volatility or a digital bank-run could disrupt more mainstream financial institutions like pension funds or mutual funds.”
In saying so, Beyer also pointed out that the underlying assets raise consumer protection concerns due to “financial fraud, hacks, and market manipulation.”
Additionally, the meeting pushed for more enforcement and “regulatory scrutiny for stablecoins like Tether and the platforms where they are used.”
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