Nick Baker is CoinDesk’s deputy editor-in-chief and a Loeb Award winner. His crypto holdings are below CoinDesk's $1,000 disclosure threshold.
Sherrod Brown , a crypto-skeptic who runs the influential Senate Banking Committee, is open to advancing long-sought legislation for stablecoins,
Brown, according to Bloomberg, said that his concerns would have to be addressed before he would fully get behind a stablecoin law, however. Congress has for years struggled to get any new laws passed for cryptocurrencies, providing greater clarity sought by both critics and proponents of digital assets. Stablecoin legislation may, nonetheless, be the lowest-hanging fruit given that stablecoins strongly resemble other regulated products like money-market funds, and there's a strong incentive to create guardrails since they own important conventional assets like U.S. Treasuries.
Brown's reportedly tentative support to advance legislation could be an important sign progress can be achieved. His Democratic Party controls the U.S. Senate and thus sets legislative priorities. Over in the Republican-controlled House, soon-to-retire Rep. Patrick McHenry in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
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