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#circle

1 post1 participant0 posts today
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⚯ Michel de Cryptadamus ⚯

Good article in The Prospect about the coming STABLE and GENIUS acts, which will give an implicit bail out guarantee to crypto money laundering firms - sorry, i mean "stablecoins" - like #Tether and #Circle (#Coinbase). One of the two would also let #ElonMusk print his own dollars.

Senate #Democrats like #KirstenGillibrand, #ElissaSlotkin, and #RubenGallego, whose election campaigns were supported by incredible amounts of crypto money, will probably make sure these bills become laws (because they are corrupt).

Note that stablecoins are currently incredibly profitable businesses. After all a stablecoin is basically a bank where you spend nothing on anti-money laundering & other regulations, refuse to assist customers who have been scammed, and collect 5% interest from the US government while passing absolutely none of it on to your customers.

prospect.org/power/2025-03-10-

screenshot of headline
#crypto#senate#uspol
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⚯ Michel de Cryptadamus ⚯

@daedalean @GhostOnTheHalfShell for all intents and purposes there are really only two #stablecoins:

1. USDT (Tether - ~70% of the market)
2. USDC (#Coinbase, technically through a company called Circle - ~25% of the market)

the rest are tiny.

USDC has actually done an audit or two and we know where the money is (it's in a blackrock trust). #Tether has been the subject of a lot of writing and speculation by me and many others for years now.

#KirstenGillibrand works for the Coinbase / #a16z / #Circle axis of crypto evil so this bill is basically creating rules that would push Tether USDT out of the US market.

Coinbase CEO has already made noise about how they will probably have to delist USDT. Circle CFO is on video saying that Tether is a counterfeiting operation.

(fun fact: Circle USDC was the largest depositor at #SiliconValleyBank and if SVB had been allowed to collapse and $3.2bn worth of USDC had died with it the entire crypto industry would have gone kaput.

#moralhazard
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