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 * WSJ News Exclusive
 * Financial Regulation


BIDEN ADMINISTRATION SEEKS TO REGULATE STABLECOIN ISSUERS AS BANKS


MOVE WOULD AIM TO ADDRESS CONCERNS THAT THE DIGITAL CURRENCY COULD FUEL
FINANCIAL PANICS

In Bitcoin's Shadow, Stablecoins Thrive but Face Challenges
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In Bitcoin's Shadow, Stablecoins Thrive but Face Challenges

Bitcoin’s volatility has limited its adoption for payments, so entrepreneurs
created stablecoins: cryptocurrencies pegged to assets such as the U.S. dollar.
But the recent settlement of a probe into the most popular stablecoin, tether,
shows the need for transparency in the growing industry. Photo illustration:
Sharon Shi/WSJ
By
Andrew Ackerman
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ANDREW ACKERMAN

 * Biography
 * @amacker
 * andrew.ackerman
 * andrew.ackerman@wsj.com

and
AnnaMaria Andriotis
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ANNAMARIA ANDRIOTIS

 * Biography
 * @AAndriotis
 * annamaria.andriotis@wsj.com

Updated Oct. 1, 2021 12:16 pm ET

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WASHINGTON—The Biden administration is considering ways to impose bank-like
regulation on the cryptocurrency companies that issue stablecoins, according to
people familiar with the matter, including prodding the firms to register as
banks.

The administration is also expected to urge Congress to consider legislation to
create a special-purpose charter for such firms that would be tailored to their
business models, the people say.

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