The primary targets here are going to be folks issuing stables backed by real world assets and fiat. Under-collateralized algo-stables will probably be targeted

The primary targets here are going to be folks issuing stables backed by real world assets and fiat. Under-collateralized algo-stables will probably be targeted as securities by the SEC, while overcollaterized debt based ones will probably just be ignored for now because of how capital inefficient they are.