Even politicians in Washington are starting to think about the best way to regulate the market.
Last month's bust of the so-called "stable coin" Terra, which lost investors an estimated $40 billion, has led to an about-face by PBS. The growing popularity of the tech means that it's giving everyday investors life threatening anxiety and depression.
The bill would allow the Commodity Futures Trading Commission full jurisdiction, as well as allow it to be written into the tax code.
After the stock market crashed during the Great Depression, the FDIC began backing banks. Confidence in the American financial system was restored by that choice in 1933.
It's important for stable coins that are pegged to the US dollar that there is no FDIC for the market. There's no safety net if a coin crashes or money is locked in limbo like it was for one investor in the PBS report.
It's hard to remember a time when bipartisanship in Congress was as common as it is today.
Coinbase is withdrawing job offers from people who already accepted them.
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