🇺🇸 Developers of stablecoins could face up to 5 years in prison and a $1 million fine if they work in the US without registration, according to a stablecoin bill presented in the US Congress. Tether and Circle, developers of the popular USDT and USDC, will be affected.

Issuers will be required to prove that the coins are fully backed by currency or securities in order to obtain registration.

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