Context for Chatgpt: Stablecoins are considered a masterpiece for cryptocurrency development, basic links between bitcoin and fiive currencies. The start of Stablecoin with the Trump family came to promote the debate on their regulations in the US.
End clap. Hinge. Genius, but dead.
Recall that a project that some arm was some Senators of cryptocurrencies (and apparently little allergic to lobbyists) aimed at bringing stablecoins to US law through a large door. Small regulations here, suspicion of supervision and Presto: Tether, USDC and other happy stable chips have become model citizens of the financial system.
However, there is a capitol – and a democratic majority on the lookout tower between the intention and reality.
And there, plot. What was supposed to be technological progress became a political comedy. Imagine: The Democrats, still somewhat favorable to the supervision of these assets, suddenly decide to block the text. For what? Because Stablecoin supported by Abu Dhabi enriches Donald Trump. Yes, you read it right. We are not in the Netflix series, but in the real world, where the same thing in Trump’s picture promised “exclusive benefits” to its carriers.
The senators then wondered whether the legislation on Stablecoins was not the legalization of presidential corruption with chips of stamps Maga.
When barriers are exceeded, there are no other limits anymore
Too much? Not for Elizabeth Warren, who developed her antichrypto rhetoric as an announced carpet sweater. For her, the Genius law was about to “corruption Trumpa with a supercharging product”. Just that. We have experienced more technical criticism.
In short, this project did not fall on the financial pitfalls, but to the political glacier decorated with blonde Tutet.
Republicans, upset, howling for sabotation. “We have made six versions!”, John Thun, the head of the Republicans, is probably between two Circle and Paxos reports. The Democrats condemn: “Yes, but no one who forbids the president to be monitored in favor of the law at sea.” Touch.
Meanwhile, the crypto industry looks, amazed. The regulators continue to play with decrees from another century, and investors remain stuck between the American legal vág and all the European strictness of the hearing. Of course, Stablecoins will continue to exist in this regulatory international place where everything is allowed if we are not talking too much.
Genius act? Great attempt. However, you have to believe that even “stable” laws can miss a balance in Washington. And for once it was not the markets that created a project plant … but the politics itself. Ironic, right?
Morality History: No agreement, today, Mister President.
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