> Why should cryptocurrency be under the purveyance of banking regulations?
This is a straw man [1]. The article calls for regulators "to subject stablecoins to bank-like rules for transparency, liquidity and capital." The title of the article calls for them to be treated "like banks" (emphasis mine). Not as banks.
PayPal and Square are absolutely regulated like banks, as are money market funds, stablecoins' most obvious analog.
This is a straw man [1]. The article calls for regulators "to subject stablecoins to bank-like rules for transparency, liquidity and capital." The title of the article calls for them to be treated "like banks" (emphasis mine). Not as banks.
PayPal and Square are absolutely regulated like banks, as are money market funds, stablecoins' most obvious analog.
[1] https://en.wikipedia.org/wiki/Straw_man