12:09 pm (HB) Rep. Tom Emmer (R-Minn.) noted that while stablecoins represent only five percent of the total value of the digital asset industry, they account for more than seventy-five percent of cryptocurrency trading. , hence they may not be ignored. He also criticized the President's Task Force report, noting that while he didn't even give a definition of stablecoins, he was quick to assert that their dangers are extensive and cross many jurisdictional boundaries. A bank-like regulatory framework, Emmer said, would be inappropriate for stablecoins and would inadvertently absorb potential future financial products that are very, very different from what is now considered a stablecoin.