A new bill, introduced to US Congress on Wednesday night, could enforce blanket regulation on all stablecoins. If passed, any service provided in relation to these types of cryptocurrencies would become illegal without first receiving approval by multiple government bodies:
The bill, dubbed “The Stable Act,” is intended to “protect consumers from the risks posed by emerging digital payment instruments, such as Facebook’s Libra and other Stablecoins.” However with just a month to go until the end of the 116th Congress, the bill faces an uphill battle to be approved in time.