Lightly regulated new financial instruments can have serious consequences if lawmakers and regulators aren’t careful.
By Thomas P. Vartanian
The Wall Street Journal
Celebrations over the recent passage of the Genius Act should be muted. It institutionalized cryptocurrencies in the U.S. by creating the first comprehensive regulations for stablecoins. But all too often when Washington lets new financial products on the scene, they aren’t adequately regulated and quickly gain an advantage over existing financial instruments that are more heavily policed.