The industry's growing influence continues to be tested.
The Blockchain Association and the Chamber of Digital Commerce, which represent some of the most influential crypto companies, say they have been fielding a flurry of questions from Capitol Hill since TerraUSD, known as"UST," broke its peg last week and crashed 90%.
As the cryptocurrency market has exploded, reaching $3 trillion in November, the scrutiny of policymakers has increased. “There are a lot of people in Congress that are interested in coming up with a regulatory framework to prevent something like this from happening again,” said Smith.President Joe Biden's administration has largely focused on rules for dollar-backed stablecoins. A November Treasury Department-led report recommended Congress regulate stablecoin issuers like insured depository institutions, but it did not cover algorithmic stablecoins.
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