Not sure if you brainlets actually understood this but there is a congress bill proposal looking to ban all stablecoins where price is determnied by a CENTRALIZED ENTITY.
You are now allowed to guess which DECENTRALIZED stablecoin is going to be the only one to survive.
So what happens when they use this bill to ban all crypto in the u.s? Their reasoning for having it is "muh poor brown people getting scammed" and that happens more with defi than anything else.
USDC on stellar chain. same reason visa just announced it
How are you gonna ban DAI exactly?
USDC will be first to die
you may try again
isnt that too vague? how can you stop them from copying the value of a currency. is this only for usd? what if the currency was some 3rd shithole currency?
it's drafted by a retarded pajeeta who most likely needs an intern to start up her computer. But if it passes, USDT and the likes are finished
Dai and snusd both have decentralized arbitration mechanisms
Extremely bullish news for RSV
it's not as centralized as you think
usdc is used as dai collateral, for example
and usdc is a centralized entity that usg can go after
They're gonna try to get all stablecoin providers to give them bank statements every time they mint coins which is fucking hilarious for DAI and other decentralized coins and extra sad for the chinks at Tether since their garbage is backed by thin air.
USDC and coinbase will pass any regulations, coinbase bend over backwards for regulators.
We rebase now
NEC is DeFi and won't be affected by this. End of sentence
Why?
Ok
What does that actually mean? Is Tether going to be banned because it's a "centralized entity" or are all dollar pegged coins banned because their value is determined by USD which is determined by a "centralized entity" and if so can you apply this law to any electronic dollar? Will they actually ban the Fiat Dollar?
But brown people are the scammers...
Also holy shit Americans, just fucking move already. They are cucking you out of the crypto industry with retarded regulations like that. Move to a country that actually grants you freedom as a person and allows you to own things and get away from this communist shithole
>USDC will be the first to die
I don't think so, Jewbase has no qualms complying with US regulations.
only fed is allowed to BRRRRRR that is what it means
EU is drafting the same shit
As if any coin is going to collapse because the nobody US bans them, you fuckers can barely join an exchange or cash out without being raped by the IRS. Even leaving the country gets you no solace.
No There is a world outside of your obesity where coins will survive as you eat ever worse food paid for with debt and fade into the nothing you are. Fucking yanks. Idiots.
>What does that actually mean? Is Tether going to be banned because it's a "centralized entity" or are all dollar pegged coins banned because their value is determined by USD which is determined by a "centralized entity"
the former
>USDC
they're fine, they can get the necessary bank charter
>DAI
also fine. Completely unenforceable
>Binance USD
fucked
>RSV
fucked
>Tether
fucked
How bullish will the market be though when Tether actually gets the bank legitimacy and Tether FUD vanishes from existence?
This will unironically kill most of crypto. Also it makes perfect sense since if you have begged your stable coin to government currency such as USD and then proceed to print new stablecoins you are essentially printing USD if there is 1 to 1 peg in place. This is why they want to control it because otherwise you have these extremely scammy entities such as tether essentially printing sovereign currency USD.
>bank legitimacy
The only reason they're still around is because they bought off binance to list tether pairings. They have no way to back their shitcoins, they've printed $17,000,000,000 tether in the past 10 months alone, and they haven't burned a single token in that entire time.
I honestly believe the only real target of this legislation is binance and tether. Everyone else should be fine and RSV is a joke anyway.
any time there is a bull run news comes out that will "be the end of crypto". every time.
Yes banning ethereum
Still following my pre-drumpf escape plan as I don't want to wagecuck or take work from locals where I go for too long. It would have been nice to get married to burger gf before I leave but I don't see how that could happen in an intelligent way now in the next two years. It hurts bros.
it won't kill bitcoin tough since it already has lower inflation than fiat currency.
They can fuck ethereum due to smart contracts tough.
they don't need to kill bitcoin. it will die on its own.
Keep dreaming.
>land of the free
>except when you try to financially liberate yourself, we can't have that
Bullish for XRP. Just get rid of that manipulative shit.
How does this get enforced?
you're the one dreaming. it's already dead. it died in 2017. why do you think the bull run ended? it literally couldn't handle the volume of transactions.
once we get to max capacity for a second time and the whales have dumped on idiots like you, you'll lose everything.
What player do you support now? I have one great solution gotem.io. They are going to start IEO on Probit shortly and I got no doubt they will reach x10 after the listing starts.
who cares?
the US ≠ the world, and people in the US can just use a VPN
it ended for the same reason 2013 ended , bubbles forms.
The low volume of transactions is bullish as hell as i can download bitcoin core in a few hours and have a decade of transactions without needing any middle server which can get cucked.