Crypto is taking over Capitol Hill.
President Donald Trump has repeatedly underlined a friendly regulatory regime for cryptocurrency as a legislative priority, and his administration’s preferred deadline for Congress to act is fast approaching.
Early on in Trump’s second term, the administration set the August recess as a deadline for Congress to standardize regulations for stablecoins, a growing cryptocurrency market.
Sen. Tim Scott, R-S.C., who chairs the Senate Banking Committee, recently suggested pushing back that date to Sept. 30.
A stablecoin is a cryptocurrency that is pegged to another store of value—meaning, in theory, one could exchange the stablecoin for that other commodity.
The American stablecoin market has been plagued by false promises made by sellers about dollar reserves that are, in reality, insufficient.
For example, Tether, a stablecoin, and Bitfinex, a cryptocurrency exchange,
