Regulators Want to Push Crypto’s Shadow Bankers Into the Light

The message from the powers that be in Washington to the shadow bankers of the crypto world couldn’t be clearer: It’s time to become a real bank.

That’s one of the main takeways from a President’s Working Group on Financial Markets report on stablecoins, which are tokens designed to be stand-ins for dollars and other national currencies in crypto markets. The coins, which are meant to track the dollar or another currency or asset 1-for-1, have become an integral part of crypto markets. The value of the top stablecoins has exploded almost 500% over the past 12 months and exceeded ...