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Will Stablecoins Be Tethered to the Fed? Lawmakers Have Circled That Option

Lawmakers in the House Financial Services Committee have found common ground on a bipartisan effort to establish stablecoin oversight in the U.S. It could mark a first step toward crypto regulation, though a few points remain to be hashed out. As it stands, naming the Fed as the government’s watchdog for stablecoin issuers is in the bill, said two people who asked not to be named because the legislation hasn’t yet been released. The details are still fluid, though, so the Fed’s role could shift.