Stablecoin regulation converts issuers into psuedo-banks while adding a barrier to entry for smaller players

Three federal agencies have proposed rules that would make stablecoin issuers operate like banks. The Treasury wants them to run anti-money-laundering and sanctions programs. The Office of the Comptroller of the Currency (OCC) wants a weekly confidential report and a quarterly financial report from each one, and the Federal Deposit Insurance Corporation (FDIC) wants Bank [ ]