Several Senate Democrats join Republicans to pass landmark cryptocurrency bill establishing regulatory framework for stablecoin, despite critics' objections.
This is the real problem, I don’t feel like we desperately need legislation to stop people losing their life savings on these, it’s the fucking institutional investors I don’t trust. They risk my savings account for their grift and the government has to bail them out.
No one has been a bigger critic of the GENIUS Act than Sen. Elizabeth Warren (D-Mass.), the ranking member on the U.S. Senate Committee on Banking, Housing, and Urban Affairs, who has warned that in addition to weak protections for consumers and financial stability, the bill allows tech companies to issue their own private currencies and “take control over the money supply.”
As someone who once bet on crypto after barely scraping by the 2008 crash and even got into it during 2021 bubble (for the most wildest of reasons), I can confidentially tell you that she isn’t. I’ve witnessed one of the most infamous stable coins, Terra’s UST, crash harder than the Japanese Yen.
And crypto crashes affect real banks who stupidly invested in them which causes runs and threatens real actual money, not made up digital bullshit that can crash at any moment.
That’s nice of you to throw Tether under the bus, I didn’t trust it either, but I was referring to Terra. I can understand the confusion, though. They both use the same “T” suffix for their stable coins.
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It’s super cool that my bank deposits are going to help insure crypto Ponzi schemes that don’t even contribute to insurance. Super cool and good
This is the real problem, I don’t feel like we desperately need legislation to stop people losing their life savings on these, it’s the fucking institutional investors I don’t trust. They risk my savings account for their grift and the government has to bail them out.
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I wouldn’t necessarily call it “regulation”…
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As someone who once bet on crypto after barely scraping by the 2008 crash and even got into it during 2021 bubble (for the most wildest of reasons), I can confidentially tell you that she isn’t. I’ve witnessed one of the most infamous stable coins, Terra’s UST, crash harder than the Japanese Yen.
And crypto crashes affect real banks who stupidly invested in them which causes runs and threatens real actual money, not made up digital bullshit that can crash at any moment.
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That’s nice of you to throw Tether under the bus, I didn’t trust it either, but I was referring to Terra. I can understand the confusion, though. They both use the same “T” suffix for their stable coins.
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That’s not what we got with this, though.
Banning it entirely would be a good thing.