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This resulted in prominent personalities from the cryptocurrency industry coming down heavily to a submitted Congressional bill that would massively regulate stablecoin issuers.

Assistant Professor at Willamette Law, Rohan Grey,describedon Twitter that while the bill is fundamentally directed at private stable coins distributed by big tech firms, it was written in such a style as to cover a “wide range of monetary activities.” Grey further stated that the bill asks “to prevent the kind of systematic ‘shadow-banking’ risks that led to the global financial crisis of 2007–2008.”.

Jeremy Allaire, CEO of Circle stated that any move from Congress in this field should be concentrated on adopting, investing in, and promoting the pace of unrestricted innovation

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