Austin Campbell is an assistant professor at Columbia Business School. During a hearing organized on April 19 by the Financial Services Committee of the House of Representatives, he intervened and spoke about the risks associated with the lack of regulation on stablecoins in the United States.
The American regulatory framework is scaring away projects
Austin Campbell has expressed concern that the regulatory environment in the United States is scaring away exchanges like Coinbase. Also, he found that the lack of regulation on stablecoins could cause stablecoin issuers to leave the country. The professor pointed out that the latter could then travel to regions such as: Singapore, Dubai, Abu Dhabi and the United Kingdom. It turns out that these countries already offer a favorable regulatory framework for the establishment of stablecoin projects.
Campbell explained: If you look around the world, you start to see laws that deal specifically with fiat-backed stablecoins. “. ” I think we can do better in the United States. Our regulations and financial systems are stronger. If we don’t act, these are the best options and people will take advantage of them. », added the expert.
Furthermore, the professor testified: When asked to consult or advise projects attempting to build or use stablecoins, my first piece of advice now is to avoid operations and domicile in the United States. Jobs go elsewhere “.
The crypto bill should be reviewed
Rankings committee member Maxine Waters commented on the US crypto-focused bill. He stated : ” In addition to FTX and many other things, this bill that we have published does not represent a final work in any way, because a lot has happened in the meantime “. ” We need to resume negotiations “, he underlined.
Arkansas Rep. French Hill, who chairs the Digital Assets Subcommittee, also commented on the matter. He said the previous draft was a compromise of ” naughty baby “.
The debate comes a few months after the publication of a stablecoin bill by Patrick McHenry. The chairman of the House Financial Services Committee explains how Congress might deal with stablecoins used for payments.
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