How Congress Can Stop the Looming Crypto Disaster
Washington, D.C., is beset by legislative gridlock, but stablecoins—a type of crypto-asset pegged to the U.S. dollar—have become a bipartisan priority for all the wrong reasons. Both the Senate Banking Committee and House Financial Services Committee have advanced legislation to create a bespoke, light-touch regulatory framework for stablecoins; the full Senate is expected to begin considering its stablecoin legislation this week. As they consider this legislation, members of Congress should be fully aware of the risks stablecoins pose to U.S. national security and its financial system.
The legislative and entrepreneurial frenzy around stablecoins is part of the broader embrace of crypto following the re-election of U.S. President…
