UPDATE: Biden Admin. Seeks to Regulate Stablecoin Issuers as Banks - DJ

October 1, 2021 11:47 AM EDT

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(Updated - October 1, 2021 11:52 AM EDT)

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

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.

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