12:09 p.m. (HB) Rep. Tom Emmer (R-Minn.) pointed out that while stablecoins represent just 5% of the digital asset industry’s total value, they account for more than 75% of crypto trading, which is why they can’t be ignored. He also criticized the President’s Working Group report, noting that while it doesn’t even provide a definition of stablecoins, it didn’t hesitate to assert that their risks are broad and cross numerous jurisdictional lines. A bank-like regulatory framework, said Emmer, would be improper for stablecoins and inadvertently engulf potential future financial products that are vastly different than what is now considered a stablecoin.
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