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Wouldn’t these measures... defeat the whole purpose? https://t.co/fP08ASZMCw
— ???? (@mikeinspace) December 2, 2020
https://t.co/hcKWAiUJFl any bad news to fiat coin, aka fiat crypto twin, is good news to #Bitcoin
— Dovey 以德服人 Wan ?? (@DoveyWan) December 2, 2020
Banking is already the most heavily regulated industry in the U.S. while millions of Americans remain unbanked and underbanked
— Hector (@HectorRosekrans) December 3, 2020
But rather than allow innovation to address people’s needs, MMTers seem to think more of the same will fix the problem https://t.co/hcFwMEP09z
Preventing cryptocurrency providers from repeating the crimes against low- and moderate-income residents of color traditional big banks have is critically important. That's why I'm proud to introduce the #STABLEAct with @RepChuyGarcia and @RepStephenLynch. https://t.co/yorQPo6wz4
— Congresswoman Rashida Tlaib (@RepRashida) December 2, 2020
Tlaib - crypto is the antithesis of all the banking problems you rightly highlight. Let's not force crypto to act like the banks maybe? (and indeed, it can't, and won't) https://t.co/ZcONRQiU0m
— Erik Voorhees (@ErikVoorhees) December 3, 2020
This is why it’s imperative to focus on *truly* decentralized and permissionless finance down the entire stack.
— Eric Conner (@econoar) December 3, 2020
Any centralized points of failure will be stifled by regulation written by those who do not understand what we are building. https://t.co/RGrdfx51L1
Basically @RepRashida what you are aiming to do is to hinder innovation and making “stable coins” more like banksters. Total nonsense. https://t.co/QmQ5YBkggB
— Panama Crypto (@Panama_TJ) December 3, 2020
This is essentially an act to hold SC issuers accountable for their reserves. No more printing money out of thin air. Proof of reserve is required to issue. 1:1 (SC to Dollar as an example)
— Crypto Mami (@xrp_mami) December 3, 2020
Tether & other SC's are done
That liquidity will leave and flow into more liquid assets https://t.co/Itfx2l3qDx
MUST READ as it has profound implications for the digital asset space. Fiat is a sovereign product, challenges to that sovereignty will be crushed. If the primary driver of liquidity in digital asset markets is false (no Proof of Reserve) DAs, then this will ameliorate that. https://t.co/Gw3Dt7WJvk
— Santiago Velez (@Santiag78758327) December 2, 2020
I’m not in favor of regulatory capture against the free markets. That certainly won’t help the unbanked. I believe in competition. Not picking winners any losers. https://t.co/7CXU5ClzRv
— Cynthia Lummis (@CynthiaMLummis) December 3, 2020
Guys she's not referencing you shit coin $USDT or $USDC this legislation is directed at Facebook Coin ( $DIEM ) and other possible large corporations from issuing dollar pegged stable coins. https://t.co/5CBCeXXwGZ
— MeanHash ✪ (@MeanHash) December 3, 2020
Democrats are gonna turn me into a Republican at this rate... https://t.co/yNhiks2WvJ pic.twitter.com/7xEd8X4AwX
— Mike Dudas (@mdudas) December 2, 2020
Really sad to see this when we’ve all been fighting so hard to make #DeFi as inclusive as possible. https://t.co/X9JSqwJmNR
— cyrus.ismoney.eth (@cyounessi1) December 3, 2020
I'd love to hear intelligent opinions in how you think this will affect the markets should this bill pass https://t.co/egnRZBmxHt
— galgitron (don't ask for predictions) (@galgitron) December 2, 2020
don't mess with the gov'ts unit-of-account:
— Tim Swanson (@ofnumbers) December 2, 2020
"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." https://t.co/As5IH1Io2e
Retweets don't equal endorsement and all, but this is a good thread. The regulatory treatment--heck, the regulatory understanding!--of digital currencies and such is way behind the technology. Seeing some momentum--even things I don't agree with completely--is good. https://t.co/JCAnT9Y1oL
— James Wester (@jameswester) December 2, 2020
Quick! Everybody get rid of your illegal stablecoins ASAP!
— KING CO฿IE (@CryptoCobain) December 3, 2020
The quickest and easiest way to get rid of your stablecoins is to buy Bitcoin!
QUICK EVERYONE, GET RID OF THE ILLEGAL STABLE COINS! https://t.co/XSqr9NDkxr
I’m sorry Congresswoman but this is as transparently misleading as @BradSherman’s lies (I don’t believe either of you are actually this stupid). This is plain and simply protecting the existing financial system that discriminates and against minorities and the poor every day. https://t.co/cdzMePxbDl
— Alon Goren ₿ | Ξ alon.eth (@AlonGoren) December 2, 2020
The only thing these morons are good at is to come up with acronyms for their legislations. https://t.co/KP8tKviJmZ
— Qiao Wang (@QwQiao) December 3, 2020
What if I told you that real cryptocurrency doesn't have "providers." You're just talking about fintech banks. https://t.co/j58HWYDuuC
— Jameson Lopp (@lopp) December 3, 2020
I'm thrilled to share the announcement of @RashidaTlaib's new "Stablecoin Tethering & Bank Licensing Enforcement (STABLE) Act", (#STABLEAct) cosponsored by @ChuyForCongress & Chair of the House Financial Services Committee's Fintech Task Force, @RepLynch.https://t.co/3akI6QPLbd
— Rohan Grey (@rohangrey) December 2, 2020
That this is being pushed by progressives is downright hypocritical. Or ignorant. @RashidaTlaib, I thought you were all about the people? This feels more like you are in the banks back pocket. https://t.co/HaH8SOEAg8
— Mike Novogratz (@novogratz) December 3, 2020
Hmmm this breaks almost every project then. Lmao.
— i.am.nomad (@IamNomad) December 2, 2020
https://t.co/MKNq0D3BJO
“Any entity that wants to issue something that walks and talks like money or like a deposit should be regulated like a depository institution,” Rohan Grey, assistant professor at Willamette University College of Law, said. https://t.co/gvskacIJpy
— Amy Castor (@ahcastor) December 2, 2020
Huge!! First US stablecoin proposal. Mandating stablecoin issuers get a bank license. A very clearly defined legislation forcing that effects Libra...eh, Diem https://t.co/uoZT5UiSQL
— Ma/ya Zehavi (@mayazi) December 2, 2020
NEW: @RepRashida w/ @RepChuyGarcia and @RepStephenLynch have introduced a bill that would a) require stablecoin issuers to secure bank charters and b) either get FDIC insurance or prove full reserves. Could impact algorithmic stablecoins toohttps://t.co/gdqD8nxxMl
— Nikhilesh De (@nikhileshde) December 2, 2020
US bill would require digital currency creators and issuers to have bank level licensing which would mean vetting of officers, shareholders, directors and oversight of transactions, as well as prudential supervision. Such a good thing. https://t.co/6zkw0YA5dQ
— Christine Duhaime (@cduhaime) December 2, 2020
1/8 The STABLE Act would represent a huge step backwards for digital currency innovation in the United States, limiting the accelerating progress of both the blockchain and fintech industry.
— Jeremy Allaire (@jerallaire) December 2, 2020
this has the OPPOSITE effect
— Meltem Demirors (@Melt_Dem) December 2, 2020
cryptocurrencies LOWER the cost of servicing populations that have historically been excluded from the banking sector. raising costs and compliance obligations forces companies to cut access for unprofitable clientele.
please, no more clowning ? https://t.co/IbjqXJpT4F
I’m curious what the Tether community thinks about this. https://t.co/WbkWN9NT4k
— Matthew Green (@matthew_d_green) December 2, 2020
What is wrong with my representative https://t.co/3AnO6vrLSG
— CMS 2.0 Revenge of the Shard (@cmsholdings) December 2, 2020
Preventing cryptocurrency providers from repeating the crimes against low- and moderate-income residents of color traditional big banks have is critically important. That's why I'm proud to introduce the #STABLEAct with @RepChuyGarcia and @RepStephenLynch. https://t.co/yorQPo6wz4
— Congresswoman Rashida Tlaib (@RepRashida) December 2, 2020
US Gov: "[We must] stop #cryptocurrency providers from repeating the crimes [...] traditional big banks have"
— Andy Bryant (.crypto) (@AndyJBryant) December 3, 2020
Also US Gov: ..."let's make #stablecoins issuers get banking licenses"
How remarkably absurd. ?♂️https://t.co/NfCHsLEYpe
BREAKING: A group of U.S. Representatives has unveiled a new piece of stablecoin-focused legislation called the Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act. Press release here: https://t.co/PXTD7TGJcC
— The Block (@TheBlock__) December 2, 2020
According to the press release
— Reuben Bramanathan (@bramanathan) December 3, 2020
1. Stablecoin issuers could take advantage of low income consumers
2. Stablecoins are an ‘outsourced issuance’ of US dollars
3. Stablecoins pose market, liquidity, and credit risk
But all of these concerns are misplaced??https://t.co/g997ym8zCV
テック企業は投資で損をしないと顧客に約束する事で、米ドルや規制された銀行と競合する規制されてない『ステーブルコイン』を推進している。STABLE法は、顧客の預金を保証する会社が保険付き預託銀行として適切に規制されてる事を保証する事で、この逃避に終止符を打つだろうhttps://t.co/sjXFBo8QKI
— $shu_ (@shu_BSV) December 3, 2020
Last days of 2020 - still cookin' w/ The Squad! Proud to have worked on @RashidaTlaib's STABLE Act, co-sponsored by @RepChuyGarcia & @RepLynch. Many thx to @rohangrey & @jason_vtf, & above all to @chastitycmurphy for her continued leadership. #fintechhttps://t.co/7Ef4guJ4tU
— Raúl Carrillo (@RaulACarrillo) December 2, 2020
Driving #stablecoins out of US. Attacks #Libra now named #Diem coin once again. The US hates competing currencies.@psb_dc @thepsironi @efipm @BrettKing @BetaMoroney @lexSokolin @spirosmargaris @ursbolt @sbmeunier #fintech #banking #cryto #BTC https://t.co/M9xSuBJNjM
— Richard Turrin (@richardturrin) December 3, 2020
1/ Quick take on this:
— _gabrielShapir0 (@lex_node) December 3, 2020
All stablecoins (I prefer "pegged coins") are centralized.
Govts have anti-counterfeiting laws re: physical USD, are considering CBDCs....regulating 'digital counterfeit USD' is not a shockerhttps://t.co/RfYXicrg3Z
US Bill Would Require Stablecoin Issuers to Get Bank Charters - CoinDesk
— Cryptobud (@cbudtech) December 3, 2020
This is bad please vote these people out of office. https://t.co/OV1jRAlm5N
US Lawmakers Introduce Bill That Would Require Stablecoin Issuers to Obtain Bank Charters https://t.co/h3Sdh253bW pic.twitter.com/tifCoJAKF2
— Coin-Age Nation (@Fit2PrintNews) December 3, 2020
US Lawmakers Introduce Bill That Would Require Stablecoin Issuers to Obtain Bank Charters #ethereum #crypto https://t.co/oSIznaNVg8
— Ethereum Insider (@InsiderEthereum) December 3, 2020
https://t.co/hcKWAiUJFl any bad news to fiat coin, aka fiat crypto twin, is good news to #Bitcoin
— Dovey 以德服人 Wan ?? (@DoveyWan) December 2, 2020
ステーブルコイン違法化の動き。
— みーさん (@misanfx) December 3, 2020
「クリプト使って銀行のように振舞わせるのはやめようよ」という趣旨。
今までそうだったように、USDを守ろうとする人たちもいるだろうね。
US lawmakers seek to make stablecoins illegal without federal approval https://t.co/ZIVlCjv0X1 via @cointelegraph
米の国の議員がステーブルコインを違法化しようと動いているみたいです。https://t.co/LcHX5uMFEx
— tetsugan (@CryptoTetsugan) December 3, 2020
米国の議員は、連邦政府の承認なしに安定したコインを違法にしようとしていますhttps://t.co/lipI2DYaof
— コイン海外速報 -仮想通貨ニュース- (@CoinNewsFlash) December 3, 2020
New Congressional Bill Seeks to Regulate #Stablecoins.
— ICO Drops (@ICODrops) December 3, 2020
The proposed bill would make it illegal to issue stablecoins in the US without federal approval.https://t.co/R8NwboiwYG
New stablecoin bill in the USA could have some far reaching implications, get ready for total USDC dominance. #crypto https://t.co/uSYYSBuD9A
— Lark Davis (@TheCryptoLark) December 3, 2020
The STABLE Act would require stablecoin issuers to meet the same sorts of regulatory requirements as banks.https://t.co/HUneWZPTkv
— Michael (@val5linx) December 3, 2020
US lawmakers seek to make stablecoins illegal without federal approval https://t.co/qE2mPS6swS via @cointelegraph
— Michael (@val5linx) December 3, 2020
Centralization of power for a decentralized world. No thanks. This industry has been light years more successful in bringing financial freedom to the unbanked and that happened without cronyism as suggested in this bill. https://t.co/vLCkhHMWD7
— Tyler Lindholm (@Tyler_Lindholm) December 3, 2020
They really don't understand how crypto works. https://t.co/MaApu6NkrT
— Paul Razvan Berg (@PaulRBerg) December 3, 2020
US Lawmakers Introduce Bill That Would Require Stablecoin Issuers to Obtain Bank Charters @circlepay CEO @jerallaire said the bill “would represent a huge step backward” by limiting industry innovation.https://t.co/V6DB7EraXC @coindesk @RashidaTlaib
— Orbs (@orbs_network) December 3, 2020
Insane regulations are coming for all of DeFi but they're coming for stablecoins first (thanks Zuck).
— Anthony Sassano | sassal.eth ? (@sassal0x) December 3, 2020
In today's @thedailygwei I give some thoughts around yesterday's proposed stablecoin regulations ?https://t.co/WfAo63uJYV
Classic USA. Just as free market innovation starts helping millions of people globally by removing power from the parasitic banking system, they look to make it illegal unless they control every aspect of it. ???? #StableBill https://t.co/hE2VVKQ9i1
— Alex Saunders ???? (@AlexSaundersAU) December 2, 2020
New Congressional bill includes mandate for stablecoin issuers to obtain U.S. banking charters https://t.co/EmiHrjESiy
— The Block (@TheBlock__) December 2, 2020
New Congressional bill says it would be 'unlawful' to issue stablecoins, 'provide any stablecoin-related service' without federal approvalhttps://t.co/y0qTvt4sVw
— Frank Chaparro (@fintechfrank) December 2, 2020
The stablecoin regulation act proposed in the US Congress has once again stressed an important difference between centralized and decentralized projects in terms of regulation. https://t.co/zhlY1m7spA
— ?? MackAttack XRP ?? (@MackAttackXRP) December 3, 2020
You can always count on politicians to screw things up https://t.co/tO0xTJKn6R
— Lark Davis (@TheCryptoLark) December 3, 2020
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