US stablecoin legislation coming? 👀🧑🦯
The US stablecoin bill is the first major piece of crypto legislation in 2023. US dollar vs Bitcoin. A microbrewery known as Bitcoin. Shaquille O’Neal has been served in an FTX class action lawsuit.
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The US House of Representatives is taking another shot at wrangling stablecoins like USDC and Tether. A comprehensive regulatory framework.
It's the first major crypto legislation to make moves in 2023.
This bill is a big deal.
The House Financial Services Committee just dropped a discussion draft bill on Saturday, gearing up for a April 19 hearing on digital assets and fintech.
Federal Reserve in charge of non-bank stablecoins.
It can approve and regulate non-bank companies that currently issue or want to issue their own stablecoins in the US.
Failure to register would be punishable by up to 5 years in prison and a $1 Million fine.
Issuer who want to do business in the US, regardless of where the company is based, would need to register.
Stablecoins without fiat backing to be banned.
Two-year ban on stablecoins not backed by a hard asset, and the existing tokens before the legislation to be grandfathered in.
Government to set interoperability standards between stablecoins.
Allow for ease of use, and for users to clear and settle across different payment systems without buying native stablecoins for each.
Federal Reserve to study a digital dollar.
Study the effects of a digital dollar on potential impacts on monetary policy, financial stability and privacy for individuals.
TLDR👇🏻
This twitter thread by Ryan Berckmans digs deep #doread
This draft bill might not be the final version.
There's been debates and finger-pointing between congressional Republicans, Democrats, and the Biden administration.
Negotiations. Talks. Compromises. In the best interest of all.
You know how it goes in Washington, right?
Why not sponsor us, eh?
TTD Money 💰
The US dollar's purchasing power has taken a nosedive over the years, losing a whopping 98% since 1971.
You might want to ask - Why?
Money supply went up
$4.6 Trillion in 2000.
$19.5 Trillion in 2021.
$3.4 Trillion printed in 2020 alone.
Meanwhile, US court is busy erasing $6 Billion in student loan debt.
Bitcoin is in a fast and furious race.
Dollar's purchasing power - 300 points in 1960 🔽 33.2 points 2023*
Bitcoin's purchasing power - 33 points in 2010 🔼 255 points 2023*
*as of April 2023.
672.73% increase in purchasing power.
So what does this all mean?
Digital asset investment products saw inflows totalling US$114 Million last week, US$104 Million are Bitcoin, which is seeing continued improving sentiment for the asset class. This 4-week run of inflows now total US$345 Million.
Crypto, blockchain and bitcoin-related ETFs are among the best-performing funds of the year. 13 of the top 20 best performing ETFs on the market year to date, invest in the crypto sector, according to ETF Database.
Move over, Uncle Sam. It's Bitcoin's time to shine?
TTD Blockquote 🔊
Anthony Scaramucci, The SkyBridge Capital CEO
“There was sort of a microbrewery known as Bitcoin. And people liked the beer that was coming out of the microbrewery. And then all of a sudden it had this Budweiser Light distribution explosion where everyone in the world and their mother was talking about Bitcoin.”
For all the kicks for standing for crypto, this analogy get a chef's 👨🍳 kiss 💋
Not for nothing he calls himself - The American entrepreneur 🫡
TTD Hack 🏴☠️
Hundred Finance hacked: The DeFi protocol lost ~ $7.4 Million. The attack exploited a vulnerability in the protocol's smart contract code.
Hundred Finance has a history: Last year, it was exploited on the Gnosis Chain. The hacker drained all of the protocol’s liquidity, ~$6 Million.
Since last year, flash loan attacks targeting DeFi protocols have gone up.
Check out DeFiLama's data on the hacks.
TTD Lawsuit ⚖️
Shaq has been served 🧑⚖️
Basketball star Shaquille O’Neal was served in an FTX class action lawsuit on April 16.
O’Neal is among more than a dozen celebrities and sports teams who are being sued for promoting FTX.
He was so supportive of FTX that the company called him “Shaqtoshi," after Satoshi Nakamoto.
Lawyers have been hunting him down for three months. They claimed he had “been hiding and driving away from our process servers.”
Ahead of the April 16 deadline, lawyers asked the judge to allow them to serve O’Neal via Twitter, Instagram and email.
Moskowitz’s firm tweeted at him from outside the TNT studios in Atlanta, where O’Neal is a fixture on “The NBA on TNT.”
O’Neal was served outside his Atlanta home #SlamDunk
TTD Surfer 🏄
Former US President Donald Trump earned up to $1 Million from the sale of NFTs, as per filing from the US Office of Government Ethics
Social media platform Parler has been shut down for a reboot under new ownership, and the new owner is not Kanye West.
OpenBazaar, a decentralised marketplace, has announced plans to relaunch after shutting down in October 2020 due to financial difficulties.
Crypto lending platform Celsius is reportedly preparing to take legal action against a creditor Tiffany Fong for leaking internal information.
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With the sheer amount of legislations coming in the US, will other countries try and Ape them?