US wants to make stablecoins illegal

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“It shall be unlawful for any person to issue a stablecoin or stablecoin-related product, to provide any stablecoin-related service, or otherwise engage in any stablecoin-related commercial activity, including activity involving stablecoins issued by other persons, without obtaining written approval in advance, and on an ongoing basis, from the appropriate Federal banking agency, the Corporation, and the Board of Governors of the Federal Reserve System.”

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A new bill called "The Stable Act" would prevent anyone from creating stablecoin related services without prior permission and approval from the US Government. The act is said to prevent a similar global financial crisis that happened in 2007-2008. The same crisis the government issued billions of dollars in bail out funds to criminal banking executives.

According to Congresswomen Rashida Tlaib, the primary purpose of the act is to protect minorities. Rashida is the primary politician behind the bill and is the one who presented it.

Those in crypto are against this act as it would be a huge set back for virtual currencies. Fortunately, the bill will have a hard time getting approved and there is a high chance it will not be passed. This doesn't mean they won't try again, and other bills are being pushed through to erode our privacy and weaken cryptocurrencies.


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It is really pathetic what the US Government is doing and the psychopath politicians. They want to kill it using the old "it is for our safety" bullshit.

These people truly are clueless.

The race is on. Who can move faster? Will the technology be built out to the point where they cannot affect things? At the same time, will we see hundreds of millions find crypto and realize the benefits of it?

If they do, they political hacks will have a tough time taking the actions they are.

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These people truly are clueless.

They are not clueless. They are bought and paid for by the banksters. Clueless? No. Criminal? Yes.

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the most appropriate reply to her is "ok boomer"

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LOL! That old trick again.

So if you oppose this based on any number of rational, logical conclusions... They'll simply label you as a racist, smear your character, cancel your social media accounts, get you fired from your job, and throw your views in the trash bin where they belong.

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She is using identity politics and the word "democratic socialism" to promote her creeping authoritarianism. It's the only way to make sense of her moronic arguments.

Her statement that minorities are disadvantaged by banks is mostly nonsense which distracts from the real issue with banks. All poor people are disadvantaged by the current banking systems.

Does she want to make a bank that gives you more interest, better loan rates and lower fees if you are retarded, LGBT++, identify as a non-European, like other deities besides Jesus? I don't think the banks are allowed to ask these types of questions for good reason.

I'll agree that certain minorities are disadvantaged in certain ways by the current system, but I don't think banning de-fi will help address systematic racism or whatever it is they are trying to eliminate.

De-fi will relieve economic inequalities, not create or worsen them. Inflation of FIAT currencies impacts the poor a lot more than the rich because it can only be avoided by having diverse assets and poor people don't have that.

The only thing most people at the 99% protests, G7 protests, and the anti-WTO protest have in common was their distrust and disgust of the current central banking system and the global financial order.

I'll settle for democratic socialism if it empowers people and removes dependencies on governments. The democratic socialism being pushed by her does the opposite.

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(Edited)

I'll just sit back and watch people who know absolutely nothing about crypto share memes and "news" stories about how it's racist and should be banned. These political tactics usually come equipped with media mass manipulation/brainwash campaign and the common folk are typically eager to do all the heavy lifting when it comes to distribution of information/propaganda, especially when they're given an opportunity to virtue signal in front of their peers on social media.

That's why I chuckle and think that old trick again. If it gains traction with randoms on social media, we have a problem. If not, then it's just some politician pretending to do their job again; trying to look important. Most likely they've been paid by special interest groups to push this narrative.

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You're right, it's one of the oldest political tricks out there.
We will definitely have to deal with being called racists with Talib involved.

The other yes, but I'm not certain Talib doing it for special interests. She doesn't need to be paid or lobbied to support nonsense.

Crypto Stable coins tend to be created by financial institutions and she relies on anti-Semitic conspiracies for a lot of her support.

Someone probably mentioned Zuckerberg, Winklevoss Twins and Novogratz are all betting big in crypto and that would be more than enough to have her convinced something must be done.

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I wonder if they consulted anyone from the crypto industry before working on this bill.

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(Edited)

Do they ever really spare any concern for us? No, they are control freaks with a Luddite's fear of technological advancement.

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Luddite's fear of technological advancement.

That 'is' funny...😎 but I suspect few have the slightest idea, what a Luddite is in this day and age.

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They already too late to stop the train of innovation. A pegged stable coin cannot be stopped by the US bill.

Companies will make them in a friendly jurisdiction.

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Tlaib is in with AOC and Mrs. Married her brother. The trio of tribulation. Even Dems that tend to the far left have distanced themselves from them. And I doubt they're following anything except the agendas of those that paid to support their campaigns. That's a whole other dirty trail of money I read about several months back.

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Luckily all these regulations only apply to centralized banks (aka exchanges). There isn't really anything they can do about products like DAI or HBD except get them delisted from the exchanges. HBD has the internal market while DAI has Uniswap and other DEXes so it's not that big of a deal... in fact harsh regulations against traditional stable coins might push everyone to the decentralized options, which could actually help networks that issue decentralized stablecoins like Hive and ETH.

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It doesn't stop there, Rohan Grey who advised the person making "The Stable Act" bill also wants to ban crypto nodes in the US, making it illegal to run a full node, witness node, and any node that has to do with Crypto.

https://twitter.com/haydentiff/status/1334427511225245699
https://twitter.com/rohangrey/status/1334429183095709697

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Yep, that makes more sense. Especially when networks start doing super "illegal" stuff like undercutting state lotteries and disrupting other sectors.

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This is why its critical to be able to run nodes on regular PCs (including Windows Home) in people's homes, and not need external server providers.

This is what I am doing with my witness node to show the way.
BTW I've had 100% uptime for almost a month.

It will be impossible to enforce a ban if it would involve going house to house trying to find nodes.

But much easier if it just involves prosecuting a few companies and their US based Exec providing outsourced servers.

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So "stablecoins" are racist? LOL
Pathetic and shameful!

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What a crock of shit. Assuming it does pass eventually in some form, how would it affect the HBD? And based on strict-constructionist interpretation, how does the authority to coin money extend to control over crypto?

Fuck the Fed.

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Why is Rashida Tlaib pushing legislation which will protect the banks?

"the primary purpose of the act is to protect minorities"

The last time I KYCd for some crypto de-fi stuff, I didn't have to mention my race, religion, sexuality, gender preference + whatever else these identity politics people like to obsess about.

It's actually one of the reasons I like crypto.

I'm almost certain crypto is going to empower poor and disadvantaged people simply by taking power away from central banks of rich countries. There is an awful lot of research from economists and international development professionals who think the same.

So I don't even know why the hell she or any person from the Democratic Socialists of America crew would be against it.

Rashida Tlaib is obviously a dangerous liar. I wonder if the retarded voters of Michigan's, 13th congressional district will keep supporting this clown.

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Like most politicians, regardless of their ideology, she wants more power and more control over average citizen. And even if there is some kind of genuine left-wing agenda behind this, it could be explained by the reasoning that the monopoly of big banks is preferable to large number of small financial operators, because the former much be easier controlled, regulated and ultimately nationalised.

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Do you really think they could nationalize the big banks? Maybe you should ask yourself again who it is that truly controls who.

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That's the ultimate aim. State control over the economy is within the textbook definition of socialism. And one of the easiest way to achieve it is through state control over financial sector. It could, actually, be done and bank nationalisations aren't unheard of, even in today's capitalist world, although they usually occur on small scale and on case-by-case basis.

Whether Ms. Tlaib and her supportres have enough political support for such drastic measure is another question. My educated guess is "no" at this point, but it can change if so-called Overton Widnow moves further left in economic issues, probably in the next election cycle or two.

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The decision on whether to nationalize a big bank is not about political support, it is about effective power, because although politicians can theoretically do many things that the law allows them, in practice what happens is something else. Let's not forget that in a world where people worship money as a god, power does not reside in the hands of whoever holds a government office or position, but who has control over the money supply. Ms. Tlaib wouldn't have gotten there without the people who finance her, and so she like everyone else. All politicians are bought and have owners. You would make a mistake in assuming that the great financial powers would simply stand idly by while politicians take away their power, particularly considering that they have not kept their hands off politics for the past few centuries.

That said, it is not necessary for the state, specifically, to control the banks for us to live in socialism. It is only necessary that the people who control the state, and the people who control the banks, are the same, thus forming a state that has the de facto power of the economy. We already live in that, because it is not the politicians who nationalized the banks, but the bankers who bought the state.

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The others want power, but I think she is drawn into it because of her anti-Semitism which gets her a lot of support. She wants to stop Zuckerberg from creating a stable coin for all the wrong reasons when so many right reasons exist.

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They foresee the end of the fiat USD and are starting to fear it.
Honestly, having stablecoins, what do you need fiat coins for?
I think the US is losing the battle of keeping the USD as the world currency and in their desperate race to try to avoid it, they will lose the crypto industry leadership.

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Stablecoins are racist now. That's a novel strain of bullshit.

I sense someone else put her up to this. This narrative makes absolutely zero logical sense. Stablecoins are 100% color blind unlike a manager behind a desk at a bank.

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The United States has always been against cryptocurrency and to me, I feel the reason is that they want their currency to be the most widely adopted note in the world.

Stable coins offer an alternative to holding a dollar and that's a threat they can't risk.

The move was well calculated and it will favor the lawmakers more than it will favor the crypto enthusiast

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This woman is a joke. Rashida Tlaib called for the genocide of the Jewish people in Israel.”
The tweet that Tlaib retweeted read, “From the river to the sea, Palestine will be free” with an “International Day of Solidarity” picture.
https://jewishjournal.com/news/325415/rashida-tlaib-retweets-from-the-river-to-the-sea-tweet/

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Maybe she really didn't know that the reference traditionally calls for genocide. It's the first I've heard of it, so I'd have just seen it as an innocent call for freedom had I not read the article.

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make us dollar weaker? Then a stable € or something will follow and nobody cares about $ prices in crypto again.

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That is really interesting because I felt like she was pretty pro-crypto. I guess I understand the thinking to keep a financial crisis like in 2008 from happening, but I think they are going about it all wrong. That was mainly because the banks were giving out unsecured loans right? I feel like this bill shows a definite lack of understanding when it comes to cryptos.

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Checkout xusd from havenprotocol. it's a stable on a monero fork. They can't come after you if they can't know you hold something 🎅

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