But if we passed the stablecoin bill only, all you'd have is this thing called a stablecoin under US law. I mean You can do one [a stablecoin] now under New York state law, but this would give you a federal imprimatur and oversight. But where would you use it? Well, you would still have all the confusion you have today at the cftc, the sec, the state regulators, all the federal bank regulators, the foreigners who bank. (07:15–07:23)
CLAIM
Asserts that stablecoins can currently be created under New York state law, but federal oversight would be new.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
