The bill also specifies that it would "open up the ability for US banks to obtain licenses to issue stackablecoins and allow some private companies to issue up to $10 billion in stackablecoins without a license." This provision has the potential to change the banking sector's attitude towards digital currencies, integrating them more deeply into the financial sphere and expanding their use in various economic activities.
However, Mr. Berkmans also highlighted several problems with the bill. In particular, the bill places strict restrictions on non-accredited stable coins pegged to the U. S. dollar and could prohibit their issuance to U. S. persons residing in the United States. Popular decentralized decentralized stable coins such as DAI could be affected. He also criticized the bill's definition of "algorithmic settlement stablecoin" as overly broad and potentially encompassing a range of decentralized stablecoins that use algorithms to maintain a peg to the dollar or other assets.
My initial view is that the bill is extremely bullish and exonerates #BTC .
In contrast to Berkmans optimistic view, Jake Czerwinski, legal director of the Variant Foundation and former CEO of the #Blockchain Association, takes a more critical view. Czerwinski expressed his concerns in Letter X, stating that "the bill is a very good idea, but it's not a good idea. " " The bill introduced today is deeply flawed. It appears to ban almost everything except a narrow group of coins that are centralized and stable in storage.
Stable coin legislation should be a top priority for anyone interested in #cryptocurrency policy.
However, the bill announced today has serious flaws. It appears to ban virtually everything except a narrow group of centralized, stored stable coins.
This is far worse than the status quo.
Czerwinski also noted that the bill seems to contradict some of the principles he argued for in Parliament last year: according to Czerwinski, custom stablecoins should be a priority, but the bill instead creates an anti-competitive regulatory moat that prevents further development in this area. He stated that this could be a possibility.
Despite these disagreements, Bergmanns hasn't given up hope for the broader implications of the bill.
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