Congress should regulate stablecoins, Biden administration report says

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Janet Yellen, U.S. Treasury secretary, during a Senate Banking, Housing and Urban Affairs Committee hearing in Washington, D.C., U.S., on Tuesday, Sept. 28, 2021.

Kevin Dietsch | Bloomberg | Getty Images

Stablecoins, a popular type of digital asset pegged to traditional currencies, could transform the way Americans pay for everything from cell phones and gasoline, to haircuts and cups of coffee, according to a long-awaited report released by the Biden administration.

When regulated, stablecoins could “support faster, more efficient, and more inclusive payments options,” said the President’s Working Group on Financial Markets, which includes several top economic advisors to President Joe Biden.

“Moreover,” the report reads, “the transition to broader use of stablecoins as a means of payment could occur rapidly due to network effects or relationships between stablecoins and existing user bases or platforms.”

Still, Biden’s economic advisors said Congress must…

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