US Official Hints at Stablecoin Legislation; Biden Admin Wants Congress to Introduce Regulatory Oversight

An official of the U.S federal government hinted that the government is working with Congress on a stablecoin legislation that could become law by the end of the year.

Talks of a regulatory package for stablecoins started in November 2021 after a report by the President’s Working Group on Financial Markets. In the report, the group called on Congress to introduce regulatory oversight and a formal market structure to protect investors, issuers, and exchanges.