Rep. Brad Sherman Raises Tax Evasion Concerns Over Government Stablecoin Payments

Rep. Brad Sherman said government payments made in stablecoins could make tax evasion easier. According to NS3.AI, Sherman argued that using stablecoins for official disbursements would create new avenues for avoiding taxes. NCUA Chairman Kyle Hauptman offered a different view, saying stablecoins could help deliver tax refunds faster and enable quicker distribution of emergency stimulus payments. The remarks were made during a House Financial Services Committee hearing focused on implementing the GENIUS Act.