House passes first major regulation for crypto industry
For years, regulators have wrestled with how to treat the crypto industry, whose value has swelled to $3.7 trillion but has largely remained a niche investment undertaken by investors with an appetite for risk. The House's vote, however, means the federal government is close to cementing its first rules for how financial institutions can issue crypto tokens — specifically, a less volatile class known as 'stablecoins,' which are typically pegged to the value of the U.S. dollar.
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