US legislators have taken a stand, challenging the Federal Reserve’s move earlier in the month to limit the interaction of banks with payment stableco
. The letter, titled, “Creation of Novel Activities Supervision Program” sought to limit the interaction between banks and payment stablecoins.
More specifically, the lawmakers believe that the Fed’s actions could eat away at Congress's work on regulating payment stablecoins and discouraging participation in the digital asset market. They also challenge that the Fed’s approach goes against the Clarity for Payment Stablecoins Act, established to define clear standards for stablecoin issuance.
Experts and market observers have also shared in the defense, calling out the Fed for overreach and likening that to the overarching actions by the US Securities and Exchange Commission . Bill Morgan, a digital asset enthusiastCrypto proponents see the letters as the Fed’s move to “effectively prevent banks from issuing payment stablecoins or engaging in the payment stablecoin ecosystem.
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