Sen. Bill Hagerty, a member of the Senate Banking Committee from the Republican party, advocates for a more comprehensive examination of the relationship between the securities regulator and the digital assets sector.
Similar to the challenges faced by Facebook's unsuccessful Libra initiative, PYUSD is encountering resistance in Washington. However, Michael J. Casey expresses greater optimism about its potential outcomes.
Armstrong will have a private meeting with members of Congress from the New Democrat Coalition.
According to Jason Gottlieb, a partner at Morrison Cohen LLP, the 'major questions doctrine' of the Supreme Court could serve as a means of restricting the regulatory actions taken against cryptocurrencies.
A Subcommittee chairman reached out to the CEO of Binance US and asked for a number of documents. This was done to help review the steps taken to protect investors.
If the SEC and CFTC are unable to resolve the matter amicably, the U.S. Congress will have to intervene to decide who gets to claim the title of 'best crypto regulation'.
Allowing a competitive currency market to emerge would strengthen the dollar now while also ensuring its future role as the world's reserve currency.