US Congress Addresses Stablecoin Regulation Amid Market Concerns

The US House Financial Services Committee and Senate Banking Committee are at the forefront of a heated debate about stablecoin regulation, aiming to address financial stability concerns. The discussion involves input from regulatory bodies like the Treasury and Federal Reserve, as these virtual currencies pose potential risks when unregulated. Any decisions made on regulations could significantly impact market stability, considering stablecoins currently form an important part of the cryptocurrency market worth over $100 billion.