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A Backdoor Regulatory Option Haunts U.S. Crypto

If all else fails with Plan A for setting up stablecoin rules with legislation, the industry's Republican allies in Washington have revealed their worry the Federal Reserve could step in.

Treasury Secretary Janet Yellen chairs the Financial Stability Oversight Council, which has warned it might take action on stablecoins if Congress doesn't. (Samuel Corum/Getty Images)
Treasury Secretary Janet Yellen chairs the Financial Stability Oversight Council, which has warned it might take action on stablecoins if Congress doesn't. (Samuel Corum/Getty Images)