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Stablecoins such as Tether’s USDT and Circle Internet Financial’s USDC, which are tokens tied to the value of the U.S. dollar, are a vital part of the crypto markets, used as steady means of transacting in other more volatile assets. (Collectively, stablecoins have a market cap of about $136 billion.) Some legislative efforts have approached the finish line in the past few years, with Democratic and Republican lawmakers finding common ground on regulating the tokens. But one of the key sticking points has been the role of the Feds or the states in overseeing issuers.
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