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Stablecoin Regulating Bill Pushed Till September

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Lawmakers for a long time have wanted to bring a bill to address stablecoin-related risks, but it kept getting pushed back. Now, it’s been pushed further back, possibly in September, because they have failed to come up with a foolproof draft for the Wednesday committee meeting. The bill would discuss concerns about custodial wallets from the Treasury Department and Securities and Exchange Commission.  
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Janet Yellen, the Treasury Secretary wanted to coordinate with the Biden administration on the matter. So till now, we don’t have a centralized, and uniform law to regulate these stablecoins. In the UK, the government has decided to proceed with regulating these cryptocurrencies, despite the turmoil.

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