US Deputy Treasury Secretary Says Tech Companies Should Leave Stablecoins to Banks

Tech companies without a banking license should not offer cryptocurrency stablecoins, U.S. Treasury Undersecretary for Domestic Financial Affairs Nellie Liang said on Feb. 9. Liang told lawmakers before the House Financial Services Committee that companies that issue cryptocurrencies so that people can pay for goods and services should be subject to the kind of strict regulation that banks receive under U.S. regulations. She also said that the U.S. Congress urgently needs to pass legislation focused on this fast-growing cryptocurrency space. She expects the White House to provide more details on the federal government's digital asset strategy within weeks.