Brown: New Financial Technology Must Play by Existing Rules



Washington D.C.- November 1, 2021 – Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, issued the following statement after the Presidential Working Group on Financial Markets released their new report on stablecoins:

“Today’s Presidential Working Group report highlights the risks that the rapid growth of stablecoins present to families and the economy. We must work to ensure that any new financial technologies are subject to all of the laws and regulations that protect investors, consumers, and markets, and that they compete on a level playing field with traditional financial institutions. I look forward to working with Secretary Yellen and financial regulators to foster responsible innovation in the financial system.”

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