No Stablecoin Bill In The US This Year
The stablecoin bill is not going to make it into this Congress. It appears it will be delayed until the next one takes place in January.
In this video I discuss how this comes on the heels of the announcement that there will be no CBDC by the Fed. We are seeing the government lack of efficiency working to our advantage. In the meantime, we have to keep developing around the existing system.
▶️ 3Speak
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They will catch up eventually. Hopefully no time soon, which keeps the power of the people in the hands of the people...for now at least.
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It's a good thing that the government is slow as that allows us to develop faster than they can regulate. At some point, they won't have a choice but to recognize it if the general public starts accepting it.
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Summary:
In this episode, the speaker discusses the ongoing narrative around regulation and central bank digital currencies (CBDCs) in the cryptocurrency space. He highlights that the Federal Reserve (Fed) seems clear in its stance against a CBDC for the US dollar, believing that upgrading existing technology like the FedNow system is a better solution. The speaker also explains the complexities of government processes, specifically in the US Congress, regarding the regulation of stablecoins. He emphasizes the importance of further decentralization and the development of infrastructure to protect cryptocurrencies from government intervention.
Detailed Article:
The episode delves into the current state of cryptocurrency regulation, specifically focusing on the discussions surrounding CBDCs and stablecoins. The speaker begins by highlighting the fear instilled in the crypto community regarding regulations, especially in light of talks about CBDCs. He mentions key figures like Governor Waller, Chairman Powell, and Vice Chair Brainard from the Fed who seem aligned in rejecting the need for a CBDC for the US dollar. The speaker supports this stance, citing the efficiency expected from the FedNow system set to launch soon.
Moving on, the episode shifts towards government inefficiencies, especially in the US Congress, concerning stablecoin regulation. The speaker explains the intricate process of how bills move through different committees in both the House of Representatives and the Senate, emphasizing the significant impact of party control in these committees. He predicts a delay in stablecoin regulation until January due to the current political landscape, with Democrats controlling both houses.
Furthermore, the speaker stresses the importance of continuous development and decentralization in the face of impending regulations. He urges for the distribution of more open-source software, enhancing the resilience of the cryptocurrency ecosystem against potential government interventions. Reference is made to the Eurodollar system as a model for creating a decentralized infrastructure without banking involvement.
In conclusion, the speaker encourages the community to keep pushing forward in developing decentralized systems, advocating for widespread redundancy and anonymity among developers to bolster the security and independence of cryptocurrencies from government influence. By fostering a global, redundant infrastructure, he envisions a future where governments are unable to disrupt the cryptocurrency space. The episode underscores the need for constant advancement and preparation to safeguard the integrity of cryptocurrencies against regulatory overreach.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.