https://open.lbry.com/@NaomiBrockwell:4/This-bill-will-BAN-illegal-stablecoins:d?r=FDreZsjE2C4VBDAr8tVX1a56tJRe5Hpq
Yesterday a disastrous new bill was introduced to congress:
The STABLE Act, which stands for Stablecoin Tethering and Bank Licensing Enforcement.
Under the guise of "protecting people" it will require stablecoin issuers to obtain a banking charter. Meaning, only banks will be able to issue stablecoins.
They said: “Digital currencies, whose value is permanently pegged to or stabilized against a conventional currency like the dollar, pose new regulatory challenges while also represent a growing source of the market, liquidity, and credit risk.”
Indeed it does seem highly suspicious that the act seems to further entrench the interests of juggernauts like JP Morgan Chase, a bank that already has its own stablecoin, to the detriment of those who are looking for alternatives to the banking system rather than forced participation in it.
By C. Edward Kelso and Naomi Brockwell
To find more of Kelso's work, visit @cryptokelso or coinfugazi.com
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Thank you for your post. The STABLE Act doesn't appear to be promising at all. I'll have to read up on it.
Yeah, it's not good news :S
I guess it will just make algorithmic stable coins and platforms like curve a lot more popular if this goes through, I feel like all regulation does is drive more innovation from the community
Indeed, decentralized stablecoins are definitely an important part of our future
Tether definitely needs som audit.
Don't know about the rest (USDC, DAI, BUSD,...)
Hey. Are you on Blurt yet ? It’s the one to watch. See you there https://Blurt.blog/@skycorridors