The spots "left out a few things," Sen. Sherrod Brown, Democrat of Ohio, said at a hearing Tuesday.

Coinbase Global Inc., the biggest U.S. cryptocurrency exchange, is wading into the international money-transfer business, seeking to tap into a huge market dominated by firms like Western Union Co.

Republicans urged federal authorities to take a light-touch approach to regulating stablecoins during a Senate Banking Committee hearing, while Democrats intensified demands for strong consumer protection.

Mastercard said it will hire more than 500 young professionals this year as it expands its data and services unit, an effort that will include launching consulting practices focused on cryptocurrencies and open banking.

The crypto lender, which didn’t admit or deny wrongdoing, had been accused of illegally offering a product that pays customers high interest rates to lend out their digital tokens. The company sold the accounts to U.S. investors without registering them as securities, the Securities and Exchange Commission had said.

“Ancillary parties who cannot get access to information that is useful to the IRS are not intended to be captured by the reporting requirements for brokers,” Treasury Department Assistant Secretary for Legislative Affairs Jonathan Davidson told lawmakers.

The country that gets it right first will see rapid business and job creation, attract the world’s best and brightest minds and set the standard other nations will follow.

The U.K. fintech sees itself as a competitor to Block and PayPal's Bitcoin-trading operations, with plans to offer Americans banking services such as a savings account in the near future.

Ilya Lichtenstein and his wife, Heather Morgan, were arrested for allegedly masterminding the 2016 scheme. They are scheduled to appear at federal court in Manhattan Tuesday afternoon.

Stablecoins are unlikely to be the future of payments despite their growing market value in the last two years, according to a Federal Reserve Bank of New York blog post.