Chair of the US House Financial Services Committee opposes Federal Reserve's obstruction of progress in regulating stablecoins.

BlockBeats News, August 28th, Chairman of the U.S. House Financial Services Committee Patrick McHenry, Chairman of the FinTech and Inclusive Growth Task Force French Hill, and Chairman of the Oversight and Investigations Subcommittee Bill Huizenga sent a letter to Federal Reserve Chairman Jerome Powell opposing the Fed's recent regulatory letter attempting to undermine Congress' progress in establishing a regulatory framework for stablecoins. The letter stated, "We are concerned that these actions are an effort to undermine progress made by Congress in establishing a regulatory framework for stablecoins. Additionally, if these letters are allowed to stand, they will undoubtedly prevent financial institutions from participating in the digital asset ecosystem." The letter also pointed out that the Fed's SR 23-7 and SR 23-8 letters are actually intended to effectively prevent banks from issuing stablecoins or participating in the stablecoin ecosystem. The letter stated, "Although the regulatory no-action process is cloaked as a process by which these activities can be allowed, it is clear that the Fed does not intend to allow any such activity, at least as it relates to public, permissionless blockchains."