pull down to refresh
Who is Witt?
This legislation won’t affect stable coins much. it could from the DeFi aspect but my understanding is the Banks and Credit Unions lost that battle. Beyond yields genius act established stable coins.
I’m not sure that punting it would affect the markets because it would lock in the status quo for another two years. It’s passing it that could send the markets up or down.
reply
https://m.stacker.news/156637
It's huge for stables, what did you reckon the fuss was all about? Trad banks fighting it.
It lets brokers in, cftc over sec, and a loophole for yield for money-market type uses.
Witt is projecting confidence, Lummis hinting at some game theory
We've bounced a bit on news of the vote, but probably not insiders yet, reckon we'll find out tomorrow after the ETF's wake up.
Timing probably critical as Bessent needs to start dumping heavy treasury bags onto stablecoin holders, insiders could move the treasury market tomorrow too along with Bitcoin
Not passing has potential to be entertaining, but generally the circus is boring and the bread is stale. Time for a new news cycle.