Biden Administration Seeks to Regulate Stablecoin Issuers as Banks – The Wall Street Journal

Biden Administration Seeks to Regulate Stablecoin Issuers as Banks – The Wall Street Journal

WASHINGTON—The Biden administration is considering ways to impose bank-like regulation on the cryptocurrency companies that issue stablecoins, according to people familiar with the matter, including prodding the firms to register as banks.

The administration is also expected to urge Congress to consider legislation to create a special-purpose charter for such firms that would be tailored to their business models, the people say.