The bad influence of the bank lobby is a shame New version…
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The bad influence of the bank lobby is a shame
New version of the clarity act has been released today... people don’t realize how disruptive yield-bearing stablecoins could have been for traditional banks.
Blockchain basically made it techniclaly possible for regular users to hold digital dollars that are:
* fully liquid
* transferable 24/7
* globally accessible
* and backed by short-term US Treasuries generating ca4–5% yield
In practice, this could’ve turned stablecoins into something like a global high-yield checking account.
For the first time, average people **couldve directly benefited from Treasury yields instead of banks capturing most of the upside to fund their skyscrapers and bonusses.**
And thats exactly why regulators and banks pushed back so hard.
The compromise basically says:
“You can use stablecoins for payments...but they shouldnt compete with bank deposits.”
Feels like a huge missed opportunity for consumers tbh and I have never felt how rich people are f++++ with the working class so directly. And I know that this will not be in the news and 99% of people dont even realised they got f...ed by the bank lobby today. Its really sad.
#cryptocurrency
New version of the clarity act has been released today... people don’t realize how disruptive yield-bearing stablecoins could have been for traditional banks.
Blockchain basically made it techniclaly possible for regular users to hold digital dollars that are:
* fully liquid
* transferable 24/7
* globally accessible
* and backed by short-term US Treasuries generating ca4–5% yield
In practice, this could’ve turned stablecoins into something like a global high-yield checking account.
For the first time, average people **couldve directly benefited from Treasury yields instead of banks capturing most of the upside to fund their skyscrapers and bonusses.**
And thats exactly why regulators and banks pushed back so hard.
The compromise basically says:
“You can use stablecoins for payments...but they shouldnt compete with bank deposits.”
Feels like a huge missed opportunity for consumers tbh and I have never felt how rich people are f++++ with the working class so directly. And I know that this will not be in the news and 99% of people dont even realised they got f...ed by the bank lobby today. Its really sad.
#cryptocurrency
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