The rise of crypto-currency could transform the economy, but Congress has failed to pass legislation that would allow people to control their own digital assets

Stablecoins are tokens valued at $ 1 and backed by $ 1 worth of cash or U.S. Treasuries .

They are secure digital addresses with encrypted ownership data that can be digitally signed and transferred to facilitate payments.

Author: Congress should empower Americans to truly control their digital assets.

Stablecoins enable instantaneous, permission-less payments: no friction, no time lag, and very low cost.

By contrast, using a regulated custodian involves surveillance and lags.

Congress should pass stablecoin legislation to create legal clarity for the market to protect consumers, prevent regulators from shaping or killing the market.