While senators weigh the merits of Adeyemo’s important testimony, they must also weigh the consequences of more than five years of US policy inaction to regulate the most deviant corners of the crypto industry that pose the greatest threats to consumers, markets and national security. . US policymakers and regulators from Treasury Secretary Janet Yellen to Federal Reserve Chairman Jerome Powell (and Deputy Secretary Adeyemo) have called for congressional action. They are particularly focused on dollar-denominated stablecoins, the digital savings of the crypto world, many of which borrow the trust of the dollar without being liable to US financial crime compliance laws.