New York attorney general urges Congress to bolster crypto regulations.

James’ letter comes as Congress appears likely to pass a bill creating stablecoin rules for the first time. Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between other crypto tokens like bitcoin and ether.

In her letter, James said that lawmakers should require stablecoin issuers to have a U.S. presence, and to deposit U.S. Treasuries and other cash equivalents in American banks.