The proposed STABLE Act is a thinly veiled attempt to block @Facebook from executing on its Diem (formerly Libra) ambitions. This is obviously being pushed behind the scenes by the bankers. It is patently anti-innovation and would make stablecoins the exclusive purview of banks.
Banks have already failed to innovate for decades and are responsible for most of our economic crises. Giving them a monopoly on innovation w/r/t stablcoins would be a disaster.
The legal framework for building a compliant stablecoin is already well-understood & well-traveled. Stablecoins in the US fall under money-transmission laws. @Gemini has already traveled this path w/ our stablecoin $GUSD. @Facebook and any other company should be allowed to also.
Legislation like this proposed bill, which would extinguish free markets and competition w/r/t stablecoins, is un-American. Everyone should be against it.
You can follow @tyler.
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