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Republican Lawmaker’s Stablecoin Bill Draws Democratic Ire

Consumer advocates and policy analysts joined Democratic members of the House Financial Services Committee Tuesday in raising concerns that legislation now circulating in Congress could expose the U.S. financial system to illicit finance and ordinary citizens to fraud. In a hearing of the Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence, lawmakers continued the discussion on four bills from the previous congressional session and opened the debate on two others introduced this month, all of which seek to pave the way for mainstream adoption of virtual assets. One of the bills, the Stablecoin Transparency and Accountability for a Better...

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