Bill to Regulate Stablecoins in Offing

Source: S&P Global Market Intelligence

New legislation to regulate stablecoins is more likely as U.S. lawmakers moved closer to a bipartisan agreement to impose basic safeguards on volatile cryptocurrency markets, The Wall Street Journal reported.

The deal would be a major step toward implementing stringent regulations on an industry that came into existence with virtually no regulation.

The group of bipartisan lawmakers and officials from the Biden administration are concerned that current laws do not provide comprehensive standards for the assets and are worried about the potential risks to financial stability that stablecoins pose.