2022-05-15
For this last reason alone, its very misleading to compare attacks on algorithmic stablecoins to “bank runs.” The more “bank-like” stablecoin issuers are the only ones that can actually face “runs” to redeem their coins. Yet they've held their value. https://www.wsj.com/...
The Block
Over $1.2B of Luna Foundation Guard's bitcoin reserves remains unaccounted for; LFG had $2B+ in bitcoin reserves and loaned $750M to OTC firms and market makers
Quick Take — Luna Foundation Guard accumulated over $2 billion in bitcoin reserves and provided a loan of $750 million in bitcoin.
2021-11-02
For these reasons, I consider the Treasury report a botch job. It will be good news for the big banks, and good news for a small number of big stablecoin firms. But for the public as a whole, it's a lost opportunity.
CoinDesk
Biden admin urges Congress to subject stablecoin issuers to federal oversight like banks and limit their interactions with non-financial companies, such as Meta
If U.S. lawmakers don't act, regulators have the authority to take their own measures, according to the long-awaited report …
We need to encourage payment system providers that are not ordinary banks, and don't with to become such banks, as doing so subjects existing providers to badly-needed competition, lowering consumer costs and encouraging ongoing innovation.
CoinDesk
Biden admin urges Congress to subject stablecoin issuers to federal oversight like banks and limit their interactions with non-financial companies, such as Meta
If U.S. lawmakers don't act, regulators have the authority to take their own measures, according to the long-awaited report …
I mean this: “To address risks to stablecoin users and guard against stablecoin runs, legislation should require stablecoin issuers to be insured depository institutions.” Translation: the Biden administration, for all its anti-Wall Street rhetoric, is catering to the big banks.
CoinDesk
Biden admin urges Congress to subject stablecoin issuers to federal oversight like banks and limit their interactions with non-financial companies, such as Meta
If U.S. lawmakers don't act, regulators have the authority to take their own measures, according to the long-awaited report …
2021-10-11
An excellent report summing-up the odd and potentially explosive mix of libertarian ideology and authoritarian government that is El Salvador's bitcoin gambit, by @AKurmanaev and @el72champs https://www.nytimes.com/...
New York Times
Imposition of bitcoin on El Salvador's unwilling population by the increasingly authoritarian ruler Nayib Bukele is testing BTC's promise of financial liberty
2021-10-10
An excellent report summing-up the odd and potentially explosive mix of libertarian ideology and authoritarian government that is El Salvador's bitcoin gambit, by @AKurmanaev and @el72champs https://www.nytimes.com/...
New York Times
Imposition of bitcoin on El Salvador's unwilling population by the increasingly authoritarian ruler Nayib Bukele is testing BTC's promise of financial liberty
As cryptocurrency enters global finance, an experiment in El Salvador could offer clues on whether it will bring a more libertarian economy or greater government control.