Testimony by Davis Polk Financial Institutions chair Randy Guynn before the House Financial Services Committee was quoted in Axios, CoinDesk, Crypto.news, CryptoSlate, Markets Media and PYMNTS.

On March 11, 2025, Randy testified before the House Financial Services Committee’s Subcommittee on Stablecoins at a hearing on “Navigating the Digital Payments Ecosystem: Examining a Federal Framework for Payment Stablecoins and Consequences of a U.S. Central Bank Digital Currency.”

Axios highlighted Randy testifying that payments have been a private matter. “People have been free during most of human history to innovate in the creation of private money,” he said, “including any requirement to obtain government permission to do so.”

CoinDesk noted that how Randy argued that the safeguards imposed by the Stablecoin Transparency and Accountability for a Better Ledger Economy Act, known as the STABLE Act, should put these digital tokens under similar protections to banking. “If a permitted stablecoin issuer has a properly calibrated reserve of liquid assets, capital buffer and no material amount of liabilities other than its stablecoin liabilities, as contemplated by the STABLE Act, its payment stablecoins should be as safe as insured bank deposits and central bank money,” he said.

In Markets Media, Randy continued, noting that a central bank digital currency would be a new form of public money that would compete with payment stablecoins and other forms of private money.

However, he also warned that without robust oversight, stablecoins could pose financial stability risks similar to those seen in past banking crises.

Discussing the regulatory environment, PYMNTS quoted Randy, saying, “It makes sense to base the regulatory framework for stablecoins on the framework of the dual banking system.” 

“House discusses stablecoins, anti-money laundering,” Axios (March 11, 2025)

“As House Panel Kicks Tires on Stablecoin Bill, Old-School Finance Giants Reveal Shift,” CoinDesk (March 11, 2025)

“U.S. banking lawyer: Stablecoins need regulation similar to banks,” Crypto.news (March 11, 2025)

“Congress weighs stablecoin framework and rejects CBDC overreach,” CryptoSlate (March 11, 2025)

“House Committee Holds Hearing on Stablecoins,” Markets Media (March 11, 2025)

“Stripe, Paxos CEOs Say Payments Ecosystem Needs Stablecoins and Blockchain but Not CBDC,” PYMNTS (March 11, 2025)

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