April 17, 2023: The Stablecoin Bill 💸 🏛️
Draft stablecoin legislation shows improvement, but suffers critical ambiguities
Late last week some legislative news relevant towards cryptocurrency leaked.
Hehehe… this is not the news we’re here to discuss, but this is indeed fun. In the roughly 100 year history of the SEC, only Gensler’s short reign has been so flamingly disastrous he’s turned into a political albatross. Every so often, nature is healing… call your representative and urge them to support this bill!
As much as we’d love to rag on court eunuch Gary Gensler, we’re actually here to review the latest draft of the stablecoin legislation, which leaked ahead of a hearing this upcoming Wednesday.
We’d urge everybody to read it and draw their own conclusions — at 73 pages it sounds like a lot, but they do that trick college students learn where they make the margins super big… so it’s only about 26 pages worth of actual meat and potatoes, most of which are definitions.
If that’s still too much reading, we read it for you, so you can crib our notes below. Note that I am not a politician and therefore nothing under the fold is political advice.