Jan. 12, 2022: Feelin' SEC-sy 💵🦅
Positive Signals From DC on Several Crypto Policy Fronts
Tell me you’re investigating @bantg’s Twitter feed without confirming nor denying you’re investigating @bantg’s Twitter feed.
DC has made lots of noise lately. Several issues are actually trending in a positive direction. We’ve observed some great macro threads about inflation, securities enforcement, and interest rates. But the news that most aroused our collective attention was this.
Whatever the actual outcome, it’s good news on an optics level. How DC manages stablecoins has been appropriately referred to as a national IQ test. To adopt the most hostile posture would be national suicide. Tonally, this at least trends towards the right direction. We’ll have to see.
Ultimately, we believe DeFi is going to DeFi with or without DC. DeFi will humiliate and anachronize TradFi no matter what regulators try. Worst case, DC can:
Delay the inevitable by knocking US devs off the chessboard.
Make life miserable for burgers
Render the US obsolete in the global economic system.
If you want to fight this, you’ve already joined PAC DAO, the beneficiary of newsletter subscribers.
The spectrum of regulatory response to stablecoins might loosely fall along the following spectrum:
Embrace Stablecoins
Light Regulations for Stablecoin Issuers ← we are here
Harsher Blacklists
Forced Whitelists
Breaking these down…
Embrace Stablecoins
Embracing stablecoins is clearly the strategic move for the US. Seriously, dollarcoin dominance of DeFi is what the military might call a “force multiplier” for the US dollar.
Unfortunately, we’re not so blessed to have leaders capable of passing this IQ test. We instead have this parade of fools instead bizarrely posturing against this blessing.
