A big concern is that stablecoins will appear as safe investments, legitimized by the law, while supposedly private companies issuing stablecoins could peg their tokens to riskier assets that could tank reserves, cause bank runs, and potentially blindside and financially ruin Americans. Stablecoin scams could also target naïve stablecoin investors, luring them into making deposits that cannot be withdrawn.
About as on-brand as it could get for modern GOP.
https://www.congress.gov/119/bills/s954/BILLS-119s954is.pdf
So I decided to read this bill to work my way through all the FUD and report back, and I can say with some confidence this bill was written by old people with no idea what bitcoin does, and 20-year-olds who think language is substance. Here are some gems:
The facilities to hold the bitcoin need to be spread around in secure places, to prevent theft. Of a digital currency. They literally un-memed “the files are in the computer.”
It does state that Bitcoin is a currency and it shows stability, comparing it to gold. So a point for the fears it legitimizes a very unstable digital currency held by a number of anonymous large stakeholder that can push price.
Terminology vaguely describes vague terms. They define terms poorly, which opens the door to later confusion and argument what they mean. “Fork” I especially call out; I read legal documents and I wouldn’t sign this without clarifications.
The government is buying a million coins over 5 years, then they are permitted to sell 10% a year. So they just backstopped bitcoin.
They are paying for it (in part) by making banks hand in their gold certificates, having them revalued, and making banks pay the difference. Banks will Not like this. I wonder if they’ll refuse the new certificates.
This is a very short bill, give it a read. This is very poorly written and thought out in my opinion, but spot on for the current government. It will, however, greatly stabilize and increase bitcoin prices.
A country just bribed this president with a jet. I don’t think it really matters any more. People can just dump bags of money on this shit stains desk and he gets a pass from his MAGAt supporters.
USDC to $2 LFG!!! 💥
💎DIAMOND HANDS, BOYS!!!💎
💵💵💵ooooooOOOOOOOOOOO!!!💵💵💵
He is legally obligated to say this is not financial advise. He is not licensed.
Oh, but I am
Oh, I had no idea. Carry on Sir
WILL. It WILL make it easier. Not that it’s particularly hard right now, but he’ll take (create) all the help he can get.
Anyone else wanna move to the hills and watch this dumpster fire of a country from a distance? I’ll bring the marshmallows…
I’ll bring alcohol. Lots of it.
Oooh, look at Mr fancy pants over here being able to afford marshmallows…
(Can you bring some hot cocoa too?)
I got an antique mountain pie maker. Can’t afford the filling tho. White bread and ketchup okay?
Not sure why a bill is needed when he is already being bribed by stable coins.
To legitimize it.
Not very hard now it seems
