Washington policymakers have identified stablecoins as the initial target for stricter cryptocurrency regulation. Stablecoins — which are backed by a reserve asset — are booming due to investors using them to trade among other cryptocurrencies. The stablecoin sector grew by about 500 percent in the 12-month period ending October 31, according to a report issued by the Biden administration. While there are four basic types of stablecoin, the ones collateralized by fiat currency — and specifically the U.S. dollar — is by far the most popular. A bipartisan effort exists to create safeguards ensuring one stablecoin is expeditiously redeemable for one dollar. Continue reading U.S. Lawmakers Target Stablecoin in Cryptocurrency Debate

U.S. lawmakers agitated by the recent testimony of Facebook whistleblower Frances Haugen and related media reports are homing in on the social network’s News Feed algorithm as ripe for regulation, although First Amendment questions loom. The past year has seen Congress introduce or reintroduce no fewer than five bills that expressly focus on software coding that decides who sees what content on social media platforms. In addition to the U.S., laws advancing the idea of regulating such algorithms are gaining momentum in the European Union, Britain and China. Continue reading Lawmakers See Solution in Regulating Facebook’s Algorithm