CoinDesk reported:
In terms of those rules, a big one is the removal of bankruptcy risk, Hessert said. “Customers’ assets are protected, including if Paxos were to go bankrupt — a situation we now see with a bunch of companies in crypto. If you can end up sitting in line as a general creditor of a private company that issued you a stablecoin, that’s not as good as a physical dollar,” he said.