The latest development on the #stablecoinBill is quite a stir in the #cryptosphere. #Senators Cynthia #Lummis and Kirsten #Gillibrand have introduced a bill that aims to ban #algorithmicstablecoins, which are #digitalassets pegged to a traditional #currency through an #algorithm rather than being backed by actual assets. This legislation specifically targets coins like #Tether, a popular #stablecoin in the #cryptomarket. The bill has sparked a lot of debate and concern within the crypto community, especially regarding its implications on the broader crypto market. It's seen as a crackdown on algorithmic stablecoins, with some viewing it as a potential threat to the innovation and growth of the sector. The bill also seeks to impose strict regulations on the issuance of stablecoins, limiting it to depository institutions and non-depository trust companies. This move reflects a broader effort by lawmakers to #regulate the rapidly evolving cryptocurrency market, which has operated largely outside traditional financial regulatory frameworks. However, it remains to be seen how this #bill will progress through the #legislative process and what its final form will be. The #cryptocommunity and industry stakeholders are closely watching these developments, as they could have significant implications for the future of stablecoins and the broader crypto market. Like I’ve been saying for a few years.. @circle @coinbase #usdc $usdc are the #winners It is what it is and it ain’t what it ain’t. If you research how #circle #coinbase did usdc you will find strong evidence of why I have been saying this. Where does @ripple #ripple come into play? It seems like @circle is way ahead and has $usdc on the path to be THE STABLECOIN on ALL MAJOR AND NOT so major #blockchains and possibly not just blockchain but other payment rails also.. Thoughts? 👇
@NovaMoates Goodbye algorithmic stablecoins, hello unpredictable rollercoaster!