Congress May Take Action on Stablecoin Regulation in 2023: Bitwise CCO

• Bitwise Asset Management General Counsel and Chief Compliance Officer Katherine Dowling believes that Congress may take action on stablecoin regulation in 2023.
• Dowling believes that Congress may be more likely to take action on stablecoin regulation as it is a “narrower issue” than the “larger meteor issue of general crypto market structure.”
• Dowling suggests that the crypto industry may have lost momentum following the collapse of crypto exchange FTX, but it may finally be at a place where it can rebuild.

Bitwise Asset Management General Counsel and Chief Compliance Officer Katherine Dowling believes that Congress may take action on stablecoin regulation in 2023. Dowling made this statement on CoinDesk TV’s “First Mover” on Monday.

Dowling believes that Congress may be more likely to take action on stablecoin regulation as it is a “narrower issue” than the “larger meteor issue of general crypto market structure.” She suggested that the narrower scope of the issue could make it easier for Congress to understand and take action on the regulation.

However, Dowling also noted that the crypto industry may have lost momentum following the collapse of crypto exchange FTX. She suggested that the industry may finally be at a place where it can rebuild and move forward.

The importance of Congress taking action on stablecoin regulation is growing. Stablecoins are cryptocurrencies that are pegged to the value of another asset, such as the US dollar. The use of stablecoins has been on the rise, with more and more people using them for transactions and investments. However, the lack of regulation surrounding them has led to some uncertainty about their security and stability.

Congress is in the process of debating legislation that would provide greater clarity and structure to the use of stablecoins. If the legislation is passed, it could provide much needed clarity and stability to the stablecoin market. It would also provide investors and users with greater peace of mind when it comes to using stablecoins.

Dowling believes that Congress may take action on stablecoin regulation in 2023 due to its relatively narrow scope. If Congress takes action on the issue, it could provide much needed stability and clarity to the market, as well as greater peace of mind for investors and users. The importance of this legislation for the cryptocurrency industry cannot be understated, and it will be interesting to see how the situation develops over the coming months.