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09.12 - 17:39
The Senate Banking Committee wants answers from stablecoin issuers on how their business works
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markets.businessinsider.comErin Scott/Reuters
The Senate committee overseeing banks and coinage is asking stablecoin issuers for information about how they conduct business, after the Biden administration asked Congress to regulate the rapidly growing corner of the cryptocurrency space.
Sen. Sherrod Brown, chair of the Senate Banking Committee, said in a Tuesday statement he wants stablecoin issuers and crypto exchanges to explain how they are protecting consumers and investors in what has become a $143 billion market.
Stablecoins are cryptocurrencies tied to government-issued money like the US dollar, and they make up a portion of the wider $2.6 trillion cryptocurrency market.
«I have significant concerns with the non-standardized terms applicable to redemption of
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