House lawmakers debated Tuesday whether the federal government should force “stablecoin” issuers to adhere to strict federal bank regulations and insurance to limit the risks of a quickly growing segment of the cryptocurrency market. Members of the House Financial Services Committee pressed a top Treasury Department official on the Biden administration’s suggested framework for regulating cryptocurrencies tied to fixed value. While the prices of popular cryptocurrencies such as Bitcoin and Ethereum rise and fall in financial markets, stablecoins are meant to hold their value and serve primarily to transmit money. ... (full story)