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Regulators Racing Toward First Major Rules on Cryptocurrency

Regulators Racing Toward First Major Rules on Cryptocurrency



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  1. tldr; The US Treasury Department is working on an oversight framework for a fast-growing product called a stablecoin, which is pegged one-to-one to the US dollar, gold or some other stable asset. The use of stablecoins is surging rapidly, and regulators have grown increasingly concerned that they are not in fact stable, and could lead to a digital-era bank run. “I have seen one fool’s gold rush from up close in the lead-up to the 2008 financial crisis,” Michael Hsu, the acting comptroller of the currency said.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

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