Fed’s oversight of stablecoins in doubt as Dems hem, haw

The Federal Reserve appears unlikely to play a prominent role in the future oversight of stablecoins as Democrats increasingly drift toward an alternative approach.

The House and Senate Republican approaches to stablecoins — with bills from Sen. Bill Hagerty (R-Tenn.) and Reps. French Hill (R-Ark.) and Bryan Steil (R-Wis.) — are largely in sync.

Democrats on the House Financial Services Committee are a different story.

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