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Yellen Summons 'Working Group' To Discuss Regulating Stablecoins


Yellen Summons ‘Working Group’ To Discuss Regulating Stablecoins
Fed chair says bitcoin has failed as a payment system.
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Yesterday, Fed Chairman Jerome Powell reiterated his skeptical stance toward cryptocurrencies, telling lawmakers that he believes bitcoin has “failed” as a payment system, and that stablecoins should be subject to more restrictive regulations forcing them to be treated as bank deposits or money market funds.
The pace of stablecoin adoption has exploded over the past year, and authorities have apparently caught on to the fact that stable coins are an ideal vehicle for laundering money, given that stablecoins have all the advantages of bitcoin without the volatility. Stablecoin volume has climbed to $1.7 trillion in Q2, thanks to the coins use as intermediaries in cryptocurrency trades, according to the Tokenist. ....

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