Stablecoin Bill is an ‘Extraordinary Moment For the Future of Dollar,’ Says Circle CEO
The U.S. House Financial Services Committee published a draft of its Stablecoin bill on April 15. The Bill makes sweeping recommendations like proposing a moratorium on algorithmic stablecoins and making the Federal Reserve the regulator for stablecoins by nonbank entities.
Still a draft - no rush, eh! Still time to decimate the crypto industry - in the USA.
Meanwhile, a public hearing on the topic is scheduled for April 19 — a day after the SEC Chair, Gary Gensler, appears before the committee. Several stakeholders, like Circle Chief Strategy Officer Dante Disparte, would testify at the hearing.
You can watch that live here:
Circle CEO responds.
Given that the Federal Reserve Note - what people think of as a dollar bill - is a private form of money (albeit defended by the power of the state), this discussion will, hopefully, explode the whole Federal Reserve scam. If I was one of them, this would be my biggest concern - that fully-collateralised stablecoins are really no different to an eventual CBDC. The one thing such stablecoins cannot do is create money out of thin air - that would remain the function of the CBDC issuer. I have said this many times; forget the US, look at how the Eurodollar market was created.
The US legislators and financiers are wearing blinders, and they are terrified of losing control... the USD is already at risk of not being the single most dominant currency in the world.