In case you freaks missed it, this week Representative Rashida Tlaib proposed the STABLE Act, and act that would force stablecoin issuers to get banking licenses. Apparently the intention of this bill is to protect stablecoin users from "repeating the crimes against low- and moderate-income residents of color traditional big banks have". Even though we have been pretty vocal about our belief that stablecoins are inherently unstable in the past, we feel compelled to stick up for stablecoins - and by extension, Ethereum - at this particular juncture because our visceral disdain for government overreach far surpasses the disdain we have for stablecoins.
If Representative Tlaib and the miserable fiat shills who helped her craft the bill get their way, the legislation will do nothing but give the big banks, who have been committing crimes against low- and moderate-income residents of color, complete power over the stablecoin market, which would most likely lead to its death in the US. This seems like a counterproductive measure if you're really interested in helping those most vulnerable in society. On top of that, I don't recall ever hearing and low- and moderate-residents of color complaining about being abused by the issuers of stablecoins. In fact, we have documented the fact that stablecoins have been an extremely liberating technology for vulnerable individuals. Particularly individuals in Latin America and Africa who leverage stablecoins to preserve purchasing power during bouts of hyperinflation and to remit money to and from the US with ease.
For someone who is posturing like they want to help the disadvantaged in our society, it is puzzling to see Rashida do something like this. Seems like someone has been co-opted by special interests looking to continue their plundering without any upstart competition able to attempt to provide a better service, which stablecoin providers seem to be doing.
This is something we should all be paying attention to as bitcoiners because it is a Trojan Horse to attempt to ban individuals from being able to run full nodes. Be aware, freaks!
There are chair barricades all over the house.
Enjoy your weekend, freaks.