The Senate Banking Committee held a hearing yesterday titled “Stablecoins: How Do They Work, How Are They Used, and What Are Their Risks?” Senator Sherrod Brown (D-OH), the Chair of the Committee, set the tone for the hearing by including the following poignant remarks in his opening statement: “Last month, I wrote to some of the biggest stablecoin issuers to get more information on how they manage their funds that back their coins, and to ask what rights their users have. Their responses were not particularly enlightening – and should lead us to assume most ordinary customers don’t have much in the way of rights at ... (full story)