A "true" stablecoin would benefit the economy by improving the money supply, facilitating frictionless payments and lowering the cost of borrowing fiat currency.

The House advanced a resolution that would roll back a Securities and Exchange Commission resolution that banks argue cuts them out of the crypto custodying business, but President Biden said he would veto it if it passes the Senate.

The full House is scheduled to vote Wednesday on a Congressional Review Act resolution that would overturn a staff accounting bulletin from the Securities and Exchange Commission. Banks argue that the guidance would effectively cut them out of the crypto custody business.

The Securities and Exchange Commission has warned Robinhood Markets that it faces an enforcement action over its crypto business — the latest sign that the regulator isn't letting up on its yearslong crackdown on digital assets. 

Mississippi's Renasant names its next CEO; environmental fintech Aspiration Partners spins out its consumer brand; the OCC adds five weeks to comment period for Capital One-Discover merger; and more in the weekly banking news roundup.

The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.

Mastercard launches service to fight instant-payment fraud, EU may green-light Apple's NFC-access plan, and more.

In a letter to Treasury Secretary Janet Yellen last week, the Massachusetts senator highlighted the growing use of cryptocurrencies by malicious organizations abroad and underscored the need for anti-money-laundering and counterterrorism provisions in future proposals.

Two Securities and Exchange Commission lawyers stepped down this month after a federal judge sanctioned and sharply rebuked the Wall Street regulator for "gross abuse" of power in a crypto case.

Despite its game-changing potential, crypto adoption has remained relatively low, hampered by an unsavory reputation and lack of regulations. Advancements and clarity in regulations and oversight are needed.