Even so, the administration and officials of the US financial agencies often find that Congress must intervene to properly authorize the federal government to regulate cryptocurrencies. This long-awaited intervention is likely to be stymied by this year's politics, with lawmakers focused on the midterm elections. So despite some hopes from key politicians like Sen. Pat Toomey (R-Pa.) that he could secure a bill to oversee stablecoins this year, market watchers are hoping lawmakers will come to make progress. more serious in any legislation in 2023.

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