A report from the Biden Administration on stablecoins, the cryptocurrencies tied to the U.S. dollar and other traditional currencies, could lead to greater oversight of Facebook’s parent Meta Platforms and erode its footing in the crypto industry.

The President’s Working Group on Financial Markets, along with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, called on Congress to quickly pass legislation that would regulate stablecoin issuers as banks. That means the Meta Platforms-backed nonprofit developing diem, a stablecoin pegged to the U.S. dollar, could face banking regulations.