U.S. Representative Tom Emmer calls for prioritizing stablecoin legislation and opposes CBDC

On March 12, U.S. Representative Tom Emmer stated at a House Financial Services Committee hearing that legislation supporting stablecoins should be prioritized, while criticizing the threat of Central Bank Digital Currencies (CBDC) to American values. He reiterated his support for the "Anti-Surveillance State CBDC Act," which aims to prevent future administrations from launching a CBDC without congressional approval. Emmer warned that allowing unelected officials to issue CBDCs could subvert the American way of life.

In addition, Paxos CEO Charles Cascarilla urged lawmakers at the hearing to establish uniform stablecoin regulatory rules to avoid regulatory arbitrage. He suggested that the United States coordinate with global regulators to ensure global uniformity in stablecoin issuance rules, thereby promoting healthy competition in the industry.