The Week in Crypto Policy: FSOC, Stablecoin Progress, and New Letter to SEC

FSOC Chair and Treasury Secretary Janet Yellen testified before House and Senate oversight committees. While Republicans and Democrats primarily debated whether Bidenomics is a success, House Members keyed in on FSOC's statements that Congress should address regulatory gaps for stablecoins and crypto assets that are not securities. In the Senate, there was considerably less discussion of crypto, but Chair Sherrod Brown and Sen. Mark Warner questioned Sec. Yellen on the need for legislation to combat illicit finance involving digital assets. Meanwhile, Rep. Maxine Waters told Politico a deal on stablecoins is "very, very close," and Senator JD Vance led a letter to the SEC questioning whether the agency could be trusted.