This week, United States lawmakers and regulators have stolen much of the spotlight once more. The cryptocurrency-related provisions of the infrastructure bill, a tiny grain of sand in the grand scheme of the omnibus legislation, had all laser eyes glued to the fateful House of Representatives vote — which never happened. There is a sense, however, that the bill will become law sooner rather than later.
We have also learned from Federal Reserve Chair Jerome Powell testifying to Congress that the Fed sees no use in a China-style blanket ban on cryptocurrency, eyeing tighter regulation of stablecoins instead. The latter narrative has been thick in the air for some time, and now it appears that President Joe Biden and his administration have made up their minds on how to go about reining stablecoins in.