I dont see how stablecoins are gunna mess with the economy

there's actually bad stuff going on right now, and especially compared to that, this doesn't seem like a problem at all

I heard that the crypto will be insured first through FDIC so that people who don't have crypto will be screwed more than everyone else. I'm not sure if it is a scam, and I couldn't make it through the dull, statuatory language of the bill so late at night when I was too sleepy to look at it. Does anyone know what's up?

Among other things, the bill allows bank subsidiaries and big tech companies to issue their own stablecoins

Did they change this? I thought that this bill was going to specifically exclude tech companies and be just for banks.

The result is that stablecoin issuers may end up acting somewhat like banks, investing what stablecoin users think of as deposits in various ways. Problems may arise in the event of a crisis: stablecoin users could attempt to redeem their coins for dollars en masse, causing a run. That could then spark a mass withdrawal of the backing assets, rapidly depressing the treasury market or destabilizing banks that hold the cash that backs various coins.

This seems like a strange criticism since the main thing the bill does is prohibit creative investment of dollar deposits backing a stablecoin:

The bill would require stablecoins to be fully backed by liquid assets like US dollars or Treasury bills and mandate monthly public disclosures of those reserves.

An easier way to avoid taxes while I collect my bribes......don't mind if I do!

The rats are stealing the cargo as they abandon ship, what a bunch of enterprising rodents we have.

Gillibrand must be primaried. Gillibrand's top donor to her campaign was AIPAC and she's received a lot of money from Coinbase (cryptocurrency) and Andreessen Horowitz (yes Andreessen as in Marc Andreessen the egg-head Trump donor).

Source: https://www.opensecrets.org/members-of-congress/kirsten-gillibrand/contributors?cid=N00027658&cycle=2024

So if I get this right, people will exchange the dollar, a fiat currency, for a stablecoin. The stablecoin, itself, being a fiat currency.

So basically, if I want to own something that isn't purely speculative, I'm going to be forced to own real estate or gold?

What's the point of all this liquidity?!!?!

Where do you think they're stashing their money for when the dollar finally blows out?

See you all in 2 years when the market absolutely crashes and we're (globally) bailing out the financial system again.

The Senate gave its stamp of approval on Wednesday to a massive and growing chunk of the cryptocurrency industry, blessing it with a light-touch regulatory regime that, experts say, may come with a price tag: the stability of the country’s financial system.

Yeah, thinking that the demise of the USD($) and its attached system is the point.

Easiest way to get out from under the "onerous regulations" in the current financial system is to eradicate that system and replace it with the scam/multilevel market that is crypto (having little to no regulation).

When entities make their own "coins", they'll be able to write the rules enabling the Robber Barons/Tech Bros to fuck us even harder than they are accomplishing now.

🙄 🤡 🤷‍♂️ 🖕 💩

Also paving the way for employees to be paid in scrip.

Totally nothing to do with Trump's own personal crypto currency scheme.

summary: scammers ignore risks to the financial system

Grift on steriods... here we go

Sure! Let's pass a bill protecting shady people who make up a new money token that only a small percentage of citizens have access to. The American Nightmare. Jeebus Crepes!

A)What is the point of bitcoin if the value is directly tied to another currency? This sounds more like a digital dollar and not a truly decentralized system.

B) if everyone creates their own stable-coins, won’t see lose value of individual satoshi or fragments of coins if there are exchange and transaction fees on both ends?

bill allows bank subsidiaries and big tech companies to issue their own stablecoins.

These are usually called corporate bonds. What is the fuss?

Money, in general, is ridiculous.

Green paper, gold rocks, digital numbers.

Let's go back to the barter system... or bartender system... whichever.

I dont see how stablecoins are gunna mess with the economy

there’s actually bad stuff going on right now, and especially compared to that, this doesn’t seem like a problem at all