The US Treasury’s Stablecoin Report Would Treat Issuers Like Banks, but Doesn’t Address How

The US Treasury’s Stablecoin Report Would Treat Issuers Like Banks, but Doesn’t Address How
The President’s Working Group on Financial Markets wants prudential bank regulators to oversee stablecoin issuers.You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions.Insured depository institutionsThe narrativeThe Biden Administration published its long-anticipated stablecoin report yesterday, confirming that the President’s Working Group on Financial Markets is recommending that Congress enact a law to treat stablecoin issuers like they’re banks.Why it mattersWhether and how stablecoins, which make up some $138 billion of the crypto market, might be federally regulated could have a major impact on the broader crypto…