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The pattern of people that would seek to promulgate this bill is that they believe the "unbanked" are victims who can only be cured by banking them. This is a
by vmception 6y ago
The pattern of people that would seek to promulgate this bill is that they believe the "unbanked" are victims who can only be cured by banking them.
This is a distortion and perversion of what representatives and their constituents really want, which is financial security and access to credit.
They lack inspiration to see that the infrastructure being created in the non-bank private sector is also aiming to create a more egalitarian system, which does not require banks.
- leetcrew 6y agoI have to say this doesn't make a lot of sense at first glance. 1) some people are underserved by traditional banks 2) as a result, they might turn to stablecoin issuers and potentially be exploited 3) therefore we must restrict stablecoins so they can only be issued by traditional banks seems like a lot of work just to go back to step 1).
- vmception 6y agoright, the STABLE bill's rationale does not make a lot of sense and the sponsoring representative's rationale makes even less sense.
- lsiebert 6y agoThey probably don't want stablecoin to be like check cashing or payday loans
- vmception 6y agoThey should rewrite it then, they'll have to in 30 days anyway