Circle urges Congress to regulate cryptocurrency industry.

Circle Internet Financial, the company behind the world's second-largest stablecoin, is lobbying for proposed US legislation that would provide clear rules for stablecoins. The company believes that if regulation finally comes to crypto and stablecoins, its by-the-book approach will put it on top. However, if stablecoins become well-regulated investments with safety assured, it could invite competition from big banks. Circle's stablecoin assets have fallen from $43 billion to $29 billion while rival Tether has set a new all-time high above $83 billion from $71.8 billion before the Silicon Valley Bank failure.