While senators will evaluate the merits of Adeyemo’s important testimony, they will also weigh the consequences of more than five years of U.S. policy inaction in regulating a highly volatile part of the cryptocurrency industry that poses the greatest threat to consumers, markets, and indeed national security. You have to evaluate it. . U.S. policymakers and regulators, from Treasury Secretary Janet Yellen to Federal Reserve Chairman Jerome Powell (and Deputy Secretary Adeyemo), have all urged Congress to act. They specifically focus on dollar-denominated stablecoins, the digital thrifts of the cryptocurrency world that borrow the trust of the dollar without being accountable to U.S. financial crimes compliance laws.
