US Senator Sherrod Brown asked stablecoin operators for information on some processes.
According to The Block, US Senator Sherrod Brown sent a letter to stablecoin operators. Circle of Letter, Coinbase, Gemini, Paxos, TrustToken, Binance. It is known to have been sent to leading stablecoin operators such as the US and Centre. A letter to Tether, the largest stablecoin operator, was also planned but not sent, according to Brown’s office. This is likely due to the fact that Tether’s processes are already under review with multiple investigations. The letter sent to Jeremy Allaire from Circle included the following statements:
Brown asked operators to explain in a clear and understandable way the special arrangements they have with money printing, refund processes and certain trading platforms by December 3. Those letters refer to the president’s working group’s report on stablecoins. The report, released earlier this month, forced regulators to restrict the issuance of stablecoins to insured depository institutions, especially banks.