Five experts will testify at a hearing named “ Understanding Stablecoins ’ Role in Payments and the Need for Legislation, ” with two of them releasing their scripts in advance. 
The United States House of Representatives Committee on Financial Services will hold a hearing on the stablecoin rule on April 19. The hearing follows the release of a new draft bill in the House to provide a framework for stablecoins regulation. Some of the moderators invited have released advance transcripts of their planned testimony.
Stablecoins “ look a lot like enough introductory cash instruments [...] Stablecoins are actually mundane, ” Austin Campbell, a managing partner at Zero-Knowledge Consulting and adjunct professor at Columbia Business School, will tell the committee. Campbell is convinced that stablecoins will expand the reach of the U.S. dollar and increase financial inclusion if legislation doesn't derail their progress.
According to Campbell, the United States has a lot to lose from driving stablecoin issuers away:
“The biggest winner of the US regulatory actions and legislative inaction over the past year has been Tether, an offshore stablecoin that provides very little in the way of transparency or consumer protection.”
Blockchain Association chief policy officer Jake Chervinsky will call stablecoins “ a revolutionary uprise ” of the traditional payment systems. Like Campbell, Chervinsky touts dollar-denominated stablecoins as raising financial inclusion and preserving the dollar’s role in the international economy.
Related: Crypto regulation decided by Congress, not the SEC: Blockchain Association
Neither the Securities and Exchange Commission nor the Commodity Futures Trading Commission presently has the regulatory authority necessary to regulate stablecoins, Chervinsky argued. It's hard to construe stablecoins as securities, Chervinsky told, and the CFTC lacks the jurisdiction to oversee spot markets.
Legislation of stablecoin should follow to eliminate competition between regulatory agencies, Chervinsky told
“At the federal level, stablecoins should be overseen by a prudential regulator such as the Fed or the OCC. […] Stablecoins should also be exempt from overlapping federal regulation by the SEC or the CFTC, so as to provide regulatory clarity and clear delineation of responsibility between agencies.”
New York State Department of Financial Services Superintendent Adrienne A. Harris, Circle Chief Strategy Officer, Global Policy Head Dante Disparte, and Consumer Reports Director of Financial Fairness Delicia Reynolds Hand will similarly testify before the hearing.
(DEREK ANDERSEN, Cointelegraph, 2023)