Before releasing the digital dollar, it is better, as a first step, to eliminate its enemies with liberticidal laws. Stablecoins are judged by the US Congress. Their future now depends on the number of votes for or against a bill.
Death to stablecoins!
A bill presented to the US Congress on December 2, 2020, could introduce generalized regulation to all stablecoins.
If the project passes, stablecoins and the services that go with them will become illegal without approval from several government agencies.
A paragraph from Stable Act unambiguously states that it is illegal for any person to issue a stablecoin or otherwise engage in any activity involving stablecoins, without first obtaining written approval from the agency of ‘a Federal Bank and Federal Reserve Governors.
The objective of the bill is to ensure the protection of consumers against the risks posed by new digital payment methods such as Libra (≋) of Facebook and stablecoins issued by large tech companies.
Blue thumb, red thumb
The teacher at Willamette Law, Rohan gray, posted on Twitter that the bill was worded to include a wide range of financial activities to prevent the systemic risks that led to the 2007-2008 crisis.
The deputy of the Democratic Party, Rashida Tlaib, said the law mainly protects minorities who do not have access to regulated financial services.
The Stable Act met strong opposition from cryptophiles. For the Director of Strategy CoinShares, Meltem Demirors, cryptocurrencies reduce access fees for segments of the population that are generally excluded from the banking sector.
The CEO and founder of Circle, Jeremy allaire, said the law represented a step backwards for innovation in the blockchain industry, fintechs and cryptocurrencies.
The representative of Wyoming, Tyler lindholm, believes that the law opposes the fundamental principle of decentralization of cryptocurrencies.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
Is the executioner ready, with his sharp ax? Can the Stable Act be defeated, do cryptophiles have representatives in Congress? Libra is now the scapegoat to be put on the electric chair over and over again, to illustrate the dangers of a borderless stablecoin beyond US control. Libra could also be seen as a symbol of the lack of monetary freedom. The money belongs to governments, the people are there only to make it grow.
Litecoin, welcome in the Silver Age