My firm BNY testified before Congress House Financial Services Committee on stablecoins topics on March 11. BNY provides traditional banking services to stablecoin issuers, custody digital assets and building more blockchain-based businesses on or off-chain. 

Our views:
-We see digital assets as long-term play
-We recommend legislation that levels the playing field for both banks and non-banks
-Custody requirement for stablecoin should align with market practices and remain technology-neutral. “same activity, same risk, same regulation” principles 
-We are committed to responsible innovation in the digital assets ecosystem

BNY's testimony highlights the importance of regulatory clarity and a level playing field for the stablecoin industry. Emphasizing responsible innovation and aligning custody requirements with market standards are key steps towards ensuring stability and growth in the digital assets ecosystem.