Sen. Cynthia Lummis, R-Wyo., says she and Sen. Gillibrand, D-N.Y., plan to release draft legislation next week that would establish a supervisory entity for emerging financial technologies and new rules for stablecoin issuers.

The New York City bank bets that claiming space in virtual reality now will pay off down the line.

The question affects the many banks, including Silvergate Bank and Custodia Bank, that have been working on issuing or using stablecoins, as well as regulated stablecoin issuers and all crypto investors.

Treasury Secretary Janet Yellen said a recent sell-off in crypto markets justifies the need for stablecoins to be issued by banks.

As crypto companies face growing scrutiny from policymakers in the U.S., they are increasingly turning to friendlier and less bureaucratic jurisdictions like Bermuda to grow their businesses and test new products.

The head of Wall Street’s top derivatives regulator said that financial market regulators are considering steps to rein in the crypto market if Congress doesn’t pass legislation.

Amid fresh competition from newcomers seeking to build brand recognition, banks that sponsor pro sports teams are leaning into content that tells a story about their connections to local communities.

Facing a crackdown from regulators in Washington, the crypto industry is turning to New York Sen. Kirsten Gillibrand for help.

The focus of the expanded expanded enforcement group will include virtual-currency offerings, decentralized finance and trading platforms, as well as stablecoins, according to the regulator.