Stablecoin Regulation & Compliance
The STABLE Act, presented to Congress to help the little man. The Low - Middle Income citizen. Would you believe the congress of the United States has made a mistake.
In a press release, Congresswoman Rashida Tlaib likened stable coins to "shadowy banks of the past" . I followed a link in her press relese and it sent me to an article that inferred these banks only want more and more bail-out money. ( from the taxpayer ) I did not realize the Stable Coin industry was requiring the US taxpayer to bail them out. Did you know this?
Not only will they require onerous rules on top of rules, but the regulatory process will drive up the cost of doing business so far, that many US Crypto Exchanges will just pack up and leave the US. The STABLE Act would destablize our fledgling industry in the US.
There by forcing US citizens to move or become a criminal just by trying to access DeFI and lending services.
As testimony continues, either the Senators and Congressmen demanding these new rules ( saying "I'm here to watch out for my people" ) are truly ignorant or worse, the Federal Banking industry and Bureaucracy has already told them the end game is control; and you would do well to vote our way if you want continued political support. ($)
We , as crytpto enthusiasts, really want to have guidance and rules so that adoption can be legal and easier to perform. To a Point.
Where does the balance point shift, and then this legal framework becomes shackles and handcuffs?
FDIC and insured loans are great, but i why would any free society make rules that no bank or money transferr business can fail. Let them fail. Let the strong and the quality business plan overcome. When you dictate that no one can fail, you remove the impetus for anyone to succeed.
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