Anatomy of Legislation to Define Crypto Market

What is happening? Congressman Josh Gottheimer proposes legislation to “designate certain digital currencies as “qualified” stablecoins if they can be redeemed on a one-for-one basis for U.S. dollars.”

Why is this important? Stablecions would be backed by banks or designated reserve assets in a non-bank.

How will this be important? Concerns include : “that a spike in redemption requests, or a stablecoin “run,” could result in bankruptcy at the issuer and start a domino of insolvency”

CNBC | Democratic lawmaker unveils bill that would define boundaries for stablecoin market