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Treasury Department wants Congress to regulate cryptocurrency to help stabilize it

On Monday in a report issued by the Treasury Department, they said that federal regulators should be given more power from Congress.

The power would be to regulate stablecoins, a new and quickly growing type of cryptocurrency.

The treasury worries if it does not become regulated consumer abuse and other issues could happen.

It could also result in a new form of everyday payment for things like grocery and gas for Americans.

Stablecoins is a form of digital payment specifically designed to hold their price overtime like U.S. dollars.

The quick growth has caught the attention of the Treasury that worries both for American consumer protection and for a way to bolster the use of American currency.

The form of cryptocurrency also offers stability in a highly volatile world like crypto.

Related: Turns out Squid Game cryptocurrency was a scam as founders take off with $2.5 million

Categories: BusinessNews