The vast majority are dollar denominated. But in the United States, stablecoins have operated in a legal gray zone. Stablecoin issuers trying to follow the rules can't be sure what rules to follow. The Biden administration chose to regulate crypto companies by arbitrary enforcement measures. Regulators filed numerous lawsuits against crypto firms, and these hostile actions led a number of US Based companies to consider moving out of the United States altogether. (01:11–01:18)
CLAIM
Asserts that the Biden administration uses arbitrary enforcement for crypto regulation.
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