Why Stablecoin Regulation Isn’t ‘Urgent’

Why Stablecoin Regulation Isn’t ‘Urgent’
A new report and recommendations on the regulation of stablecoins issued today by a coalition of U.S. financial authorities is, on the whole, sensible and contains a lot of elements that crypto advocates taking the long view should support. But it strikes a worrying tone of urgency that could lead to a regulatory power grab in the almost-certain absence of clear action by legislators in the U.S. House of Representatives and Senate.Stablecoins, such as tether and USDC, are cryptocurrency tokens tied to a basket of assets meant to “peg” each token’s value to a stable currency, such as U.S. dollars.…