Jake Chervinsky pfp
Jake Chervinsky
Stablecoin legislation should be a top priority for everyone who cares about crypto policy. But the Lummis-Gillibrand Payment Stablecoin Act draft published today is deeply flawed: it appears to ban nearly everything except a narrow band of centralized, custodial stablecoins. This would be far worse than status quo.
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matthewb.eth ā†‘ šŸŽ© pfp
matthewb.eth ā†‘ šŸŽ©
stablecoin legislation should not be choosing winners, this is not the right path
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Taylor pfp
I agree with your observation above. Algorithmic stablecoins would be illegal. Payment stablecoins would be allowed, but issuance by non-depository entities would require registration with the Federal Reserve and total value in circulation could not exceed $10B. USDT and USDC both exceed this.
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āšŖļø cooper šŸŽ© ā†‘ pfp
āšŖļø cooper šŸŽ© ā†‘
horrible. absolutely horrible. they just want to control everything. the whole point is sovereignty against centralized custodial holding LOL. lame.
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