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#USStablecoinBill The US Congress may soon adopt legislation to regulate stablecoins—digital tokens pegged to the US dollar. Although used today primarily to trade other crypto assets, stablecoins could become a widely used payment instrument, which would drive valuable innovation and competition. David Sacks, the Trump administration’s crypto “czar,” has predicted that stablecoins could also “ensure American dollar dominance internationally” and generate “trillions of dollars of demand for US Treasuries.” Stablecoin critics, in contrast, argue that legislation would legitimize a product that is widely used for money laundering and sanctions evasion while fueling crypto speculation and scams.