Stablecoin Rules Must Come From Congress, Senator Tells Yellen - Bloomberg

Congress, rather than U.S. financial regulators, should decide the fate of cryptocurrencies such as Tether, a key Republican senator told Treasury Secretary Janet Yellen.

Pennsylvania Senator Pat Toomey, the ranking Republican on the Senate Banking Committee, said it “would be very unfortunate” if rules for stablecoins, a crypto subset often pegged to fiat currencies such as the dollar, were set by the Financial Stability Oversight Council.

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Stablecoin Rules Must Come From Congress, Senator Tells Yellen - Bloomberg
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