{"id":371855,"date":"2021-11-24T19:45:00","date_gmt":"2021-11-24T16:45:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/senate-banking-committee-chair-seeks-information-from-stablecoin-issuers-and-exchanges-suggesting-possible-hearing\/"},"modified":"2021-11-24T19:45:00","modified_gmt":"2021-11-24T16:45:00","slug":"senate-banking-committee-chair-seeks-information-from-stablecoin-issuers-and-exchanges-suggesting-possible-hearing","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/senate-banking-committee-chair-seeks-information-from-stablecoin-issuers-and-exchanges-suggesting-possible-hearing\/","title":{"rendered":"# Senate Banking Committee chair seeks information from stablecoin issuers and exchanges, suggesting possible hearing"},"content":{"rendered":"

“# Senate Banking Committee chair seeks information from stablecoin issuers and exchanges, suggesting possible hearing <\/strong>”
\n<\/p>\n

Sherrod Brown, the chair of the Senate Committee on Banking, Housing and Urban Affairs, has called on several crypto firms to release information related to consumer and investor protection on stablecoins.<\/p>\n

According to a Nov. 23 announcement, Brown sent<\/a> notices to Coinbase, Gemini, Paxos, TrustToken, Binance.US, Circle, Centre, and Tether requesting information on stablecoins by Dec. 3, suggesting that he and other lawmakers may be preparing to hold a later hearing on the subject. The senator said investors \u201cmay not app<\/a>reciate the complexity and distinct features and terms of each stablecoin,\u201d with crypto platforms not always providing users with the same protections afforded to someone purchasing coins directly from an issuer.<\/p>\n

\u201cI have significant concerns with the non-standardized terms applicable to redemption of particular stablecoins, how those terms differ from traditional assets, and how those terms may not be consistent across digital asset trading platforms,\u201d said Brown in the eight respective letters.<\/p>\n

The notice requests basic information on purchasing, exchanging and minting stablecoins, as well as the number of tokens in circulation and how often users exchange them for U.S. dollars. Brown\u2019s notices to Coinbase, Centre, and Circle requested information on USD Coin (USDC), Gemini on GUSD, Paxos on Pax Dollar (USDP), TrustToken on TrueUSD (TUSD), and Tether on USDT. He added that the companies should define the market conditions which would make it difficult if not impossible to redeem stablecoins for fiat. <\/p>\n

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Thank you @SenSherrodBrown<\/a> for the letter inquiring about the important topic of how stablecoin issuers protect consumers. I look forward to responding and working with you to ensure consumers are appropriately protected. https:\/\/t.co\/RWWmI0erOA<\/a><\/p>\n

\u2014 Jeremy Allaire (@jerallaire) November 24, 2021<\/a><\/p><\/blockquote>\n