New Senate bill aims to regulate stablecoins.
Key provisions:
- 1:1 USD backing required
- Strict KYC & AML compliance
- No rehypothecation of reserves
- Consumer protection measures
Discussion
Strict AML & KYC compliance... Not a good sign...
So does that mean FGDC (Federal Government Digital Currency) when they say no CBDCs? 🤔😂
Precisely
Mais tarde ou mais cedo, o kyc será obrigatório para possuir stablecoins.
Será um grande impulso para o bitcoin ser cada vez mais utilizado como um meio de troca.
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I think it's probably unenforceable in the long term.
Synthetic USD can be made by Joe Blow using a long call and a short put at the same strike date and strike price. Herstatt and counterparty credit risk can be wound right in (to near neglegable) using DAOs, so the shittoken can trade at a neglegable discount. Seems to me that liquidity will discover and flow towards the best and lowest friction implementations... it's not like it hasn't been done before.
Am I missing something?
They’ve already lost their power and they don’t yet know it. They’re acting like they still have a say.