President Donald Trump’s recent cockamamie proposal to create a strategic cryptocurrency reserve has been the big crypto news, and not without good reason: It’s an illogical idea, has already caused a small crypto bubble featuring insider trading, and appears to be a quid pro quo for crypto political donors. Even some crypto enthusiasts think it’s a bad idea and a waste of taxpayer money.

But the crypto industry has been laser-focused on something more significant: A bill that was voted out of the Senate Banking Committee earlier this month would greenlight a class of crypto assets known as “stablecoins.” Normalizing stablecoins into the fabric of the financial system is critical to broader acceptance of crypto and the…