The Coin - Bitcoin $112,000
- Thread starter fatpiggy
- Start date
The concept of STABLECOINS to compete with FED dollars is intriguing to me.
The GENIUS of stablecoins (pun intended) is even better.
How do you get stablecoins?
You give a stablecoin company Federal Reserve Notes and they issue you an equal amount of stablecoins. Then you use those stablecoins to transact with other people.
Does that sound familiar?
That's a bank!
But wait there's more
The GENIUS Act requires:
"100% reserve backing with U.S. dollars and short-term Treasuries, or similarly liquid assets as determined by the primary regulator."
banking.senate.gov/newsroom/major…
Stablecoin companies have to have 100% reserves! Guess that the reserve requirement for banks has been since 2020?
0%
Read that again... 0% Zero Nothing.
But stablecoin issuers will have to have 100% reserves.
Stablecoin issuers will be more capitalized banks.
Additionally, guess who is the regulator of nonbank stablecoin issuers?
The Comptroller of the Currency, who sits in the Treasury Dept.
So, bye bye Fed, SEC, FDIC and all other "independent" regulatory bodies. This regulator will fall under the executive branch. No more unelected bureaucrats.
tl;dr: Stablecoin issuers will be better capitalized banks regulated by the Treasury Dept. Wins all around.
If that weren't enough, the GENIUS Act also allows for state created and regulated stablecoin issuers... Can you say competition!
We will look back in a few years and realize that the GENIUS Act was a transformational piece of legislation that secured and reigned in our out-of-control (and likely insolvent) banking system.
The GENIUS of stablecoins (pun intended) is even better.
How do you get stablecoins?
You give a stablecoin company Federal Reserve Notes and they issue you an equal amount of stablecoins. Then you use those stablecoins to transact with other people.
Does that sound familiar?
That's a bank!
But wait there's more
The GENIUS Act requires:
"100% reserve backing with U.S. dollars and short-term Treasuries, or similarly liquid assets as determined by the primary regulator."
banking.senate.gov/newsroom/major…
Stablecoin companies have to have 100% reserves! Guess that the reserve requirement for banks has been since 2020?
0%
Read that again... 0% Zero Nothing.
But stablecoin issuers will have to have 100% reserves.
Stablecoin issuers will be more capitalized banks.
Additionally, guess who is the regulator of nonbank stablecoin issuers?
The Comptroller of the Currency, who sits in the Treasury Dept.
So, bye bye Fed, SEC, FDIC and all other "independent" regulatory bodies. This regulator will fall under the executive branch. No more unelected bureaucrats.
tl;dr: Stablecoin issuers will be better capitalized banks regulated by the Treasury Dept. Wins all around.
If that weren't enough, the GENIUS Act also allows for state created and regulated stablecoin issuers... Can you say competition!
We will look back in a few years and realize that the GENIUS Act was a transformational piece of legislation that secured and reigned in our out-of-control (and likely insolvent) banking system.
I cannot emphasize enough, how important these crypto bills are for our financial freedom.
They will all be passed and Trump has been the one pushing them from the beginning.
“After yesterday's disappointment - and a meeting with President Trump - conservative Republicans flip-flopped and voted to push forward with landmark cryptocurrency legislation.”
“As The Block reports, The House voted 215 to 211 on Wednesday to move forward and later take a vote on the Guiding and Establishing National Innovation for U.S. Stablecoins (also known as the GENIUS bill), which would create a regulatory framework for stablecoins and could be slated to head to President Donald Trump's desk before the end of the week.”
Stablecoins are the future and the beginning of the new financial system based on freedom and the people in control.
“Lawmakers also voted to proceed with the Digital Asset Market Clarity Act, or Clarity for short, that takes a whole-of-crypto approach and would create a clear regulatory framework for crypto in part through designating how the SEC and CFTC will regulate.”
This legal framework is important because it will encourage the quick adaptation of stablecoins to replace the FED fiat money system.
“They also agreed to later vote on a bill to block the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals, which was reportedly the most critical itemn for the conservative Republicans yesterday.”
zerohedge.com/crypto/bitcoin…
Did you catch that?
A group of “conservative Republicans” were blocking allowing these crypto bills to come to a vote, until they met with Trump.
Trump changed their minds.
How?
They were promised a “later” vote to ban the Federal Reserve from issuing a digital currency.
Why “later?”
Because the Federal Reserve isn’t going to exist when Trump gets done.
The people who were scaring people about CBDC’s, never understood that the enemy wasn’t in control and there was no chance that Trump would allow private bankers to keep centralized control of the money.
He’s always been doing the opposite.