Regulators’ Stablecoin Report Met With Bipartisan Pushback

Posted on by American Coins & Gold

Regulators’ Stablecoin Report Met With Bipartisan Pushback
The stablecoin report published last month by the President’s Working Group on Financial Markets (PWG) made ripples across the crypto industry with its recommendation that Congress enact legislation to regulate stablecoin issuers like banks, but that appears to be a nonstarter among the crypto-literate on Capitol Hill.At an event hosted by blockchain research firm Chainalysis on Monday, Rep. Tom Emmer (R-Minn.), a longtime crypto supporter and chairman of the Congressional Blockchain Caucus, pushed back against the recommendations, saying:“I’ll put it bluntly this way: Regulating stablecoin issuers like banks, which is what the report suggests – it’ll kill American competitiveness.”Rep. Jim…