A senior Republican has sounded the alarm over the fast-growing stablecoin industry, warning “bad things will happen” to investors’ money unless it is regulated soon.
Pat Toomey, the top Republican on the Senate banking committee, said he thought Congress should write new rules for the $180bn market in stablecoins, which are some of the most popular cryptocurrencies in the world.
But he pushed back against some of the stricter measures being promoted by Democrats, who believe stablecoins are now worth so much money that their operators should be regulated like banks.
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