US Wants to Regulate Stablecoins First

US Wants to Regulate Stablecoins First


Circle is now regulated at the state level as a money transmitter, the same licensing regime for payments companies like PayPal and Square. But it is in the process of applying to become a national crypto bank, putting itself under the remit of the U.S. Federal Reserve, U.S. Treasury Department, Office of the Comptroller of the Currency (OCC) and the FDIC. Paxos, another issuer, is also trying to become more bank-like.

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