The head of the U.S. Senate banking committee sent letters on Tuesday to stablecoin issuers and exchanges urging them to be more transparent about how they are protecting consumers and investors following multiple risks highlighted in the recent report by the President’s Working Group on Financial Markets (PWG).
Sen. Sherrod Brown (D-Ohio), chair of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, also sent letters to Coinbase, Gemini, Paxos, TrustToken, Binance.US, and Centre, stating that he was concerned some consumers and investors may not understand how stablecoins work and the potential risks associated with the digital currency.
