The House of Representatives and Senate are considering two bills to regulate payment stablecoins with federal and state-level authorities.

The US Justice Department under President Donald Trump issued a memo on April 7 suggesting it would halt the prosecution of cases involving crypto enforcement.

The Securities and Exchange Commission said in March that the case could potentially be resolved under its new leadership.

The Federal Reserve has traditionally operated independently in setting monetary policy, but US President Donald Trump has signaled a desire to challenge that longstanding convention.

The federal financial regulator issued guidelines on "covered" tokens in April that had some members of a Wyoming commission questioning its rollout for a state-issued stablecoin.

Panama City is among local municipalities, provinces, and national governments that are increasingly receptive to accepting cryptocurrencies as a form of payment.

The commission has not officially announced that Senate-confirmed chair Paul Atkins will be leading the SEC's regulatory efforts on crypto.

“Stablecoins are a digital product that could actually have fairly wide appeal and should contain consumer protections,” Powell said.

The case in the Second Circuit is still winding down despite both parties seemingly agreeing to drop the matter.

Reuters reports local governments in China are using private companies to sell seized crypto, going against the country's trading ban.