View or download a PDF of the statement here.

Americans for Financial Reform submitted today a statement for the record for the joint House Financial Services Digital Asset Subcommittee hearing on stablecoins entitled, “Putting the ‘Stable’ in ‘Stablecoins:’ How Legislation Will Help Stablecoins Achieve Their Promise.”

In it, we express concerns about both the Republican and Democratic draft proposals to regulate stablecoins, which may fall short of what is needed to address the risks and harms posed by these assets, which are rarely anything but ‘stable.’