Federal regulators say they urgently need more power from Congress to properly regulate stablecoins, a fast-growing type of cryptocurrency that they warn could result in bank runs, consumer abuse and payment snafus unless lawmakers act quickly, according to a report issued by the Treasury Department. The report, which was undertaken by the President’s Working Group on Financial Markets, called on Congress to pass a law that makes issuers of stablecoins subject to requirements like those of traditional banks and financial institutions.
Read the article: The New York Times
