Stablecoins Regujlation
FILE – The Treasury Building is viewed in Washington, May 4, 2021. The Biden administration is calling on Congress to pass legislation that would strengthen government regulation of stablecoins, a form of cryptocurrency that has soared in popularity in the past year. In a 22-page report issued Monday, Nov. 1, 2021, the Treasury Department and several other regulators said the legislation should require that stablecoin issuers become banks, which would potentially subject them to a wide range of rules, including those requiring that banks hold sufficient cash reserves and implement measures to prevent money laundering and other illicit activities. (AP Photo/Patrick Semansky, File)