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Washington Debates Cryptocurrency Rules, With Sights Set on Stablecoins

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WASHINGTON—As Washington makes an attempt to get its arms across the quickly rising cryptocurrency trade, coverage makers within the Biden administration and on Capitol Hill have recognized stablecoins as an preliminary goal for tighter regulation.

Usually billed as one-to-one representations of a foreign money just like the greenback, stablecoins have not too long ago exploded in recognition as traders use them for buying and selling different cryptocurrencies. There are dozens of stablecoins, although a handful pegged to the greenback account for a lot of the market worth, which grew roughly 500% within the 12 months ending in October, in accordance with a report from the Biden administration.