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11 sats \ 1 reply \ @freetx 22h
The situation is more nuanced than you present. All you say is true regarding the legislation, but it only applies to stablecoins within the federal banking system.
You, or any private business, are free to transact with stablecoins with zero oversite and none of those requirements apply to you.
Furthermore, although there is certainly an element of "surveillance state" at work, that is far far from the driving factor.
First of all, public blockchains are already surveilled. But so is the traditional banking system...so that whole point is rather weak. The truth about CBDC's is the existing digital dollar is already a "CBDC" that has feature parity with anything from ETH / SOL blockchains. Its just as surveilled and "programmable / controlled". There is simply no need for CBDCs, as they don't bring anything to the table.
The fundamental reason why they are pushing stablecoin bill is because of the 1:1 backing. The current fractional reserve system only buys somewhere between 1-2% treasuries for every dollar the system issues.
Whereas stablecoin companies are buying 100% reserves. So each $1 in USDT represents 100x the bond purchasing than a Federal Reserve Note USD does. This is why they are pushing it....as it represents a 100x multiplier on bond purchases (allows them to lower interest rates, extend and rollover existing debt, etc).
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18 sats \ 0 replies \ @KudzaiK OP 9h
Thank you for your feedback, I really appreciate it. Let me clarify the issues you raised by saying I do understand that stablecoins represent a Fed bailout from the treasury market and all the issues associated with that. My fundamental point was to drive home how functionally identical Cbdc’s and stables are, as well as how GENIUS extends dollar hegemony via stables. This is the main driver in the CBDC arms race between the ECB & the Fed.
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0 sats \ 1 reply \ @LAXITIVA 13 Aug
Trojan I’m a dur x man myself
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0 sats \ 0 replies \ @KudzaiK OP 23h
I had no idea at all lol
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