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Crypto community criticized the idea of ​​the United States to tighten the circulation of stablecoins
CONTENT

  • In the United States aimed at tightening the circulation of stablecoins

  • Legislators explain the need for restrictions by the desire to protect low-income citizens

  • The crypto community saw no logical explanation for the proposed restrictions

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US Congressmen have proposed to ban private issuance of stablecoins, requiring issuers of such assets to obtain permission from banking regulators

The crypto community criticized ...

In the US, a bill has been submitted, according to which issuers of stablecoins will be required to obtain permission for their activities from banking regulators. The bill was prepared by a group of congressmen led by Rashida Tlaib, member of the US House of Representatives.

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As Tlaib stated on her Twitter page, the bill will help prevent cryptocurrency providers from crimes against people of different skin colors with low and middle income. The initiative of the representative of the Democratic Party almost immediately drew criticism in the cryptocurrency community.

In particular, it is proposed to prohibit the issuance of stablecoins or the provision of any services related to stablecoins to any person without the appropriate permission of the Federal Deposit Insurance Corporation and the Federal Reserve System. Also, issuers of stablecoins will be required to insure their assets and maintain reserves for emergencies..

The crypto community criticized ...

Tlaib added on her Twitter page that she had already sent complaints to Brian Brooks, Director of the Office of the Comptroller of the United States of America (OCC), about the agency’s “unilateral actions” in digital finance, but did not receive a response..

Bank prosecution

The cryptocurrency community almost immediately criticized Tlaib’s proposal to tighten the digital asset market. A user under the pseudonym ChainLinkGod.eth questioned the lawmaking group realizing the benefits that stablecoins provide to ordinary citizens.

“How exactly did stablecoins disenfranchise low-income people? In fact, they [stablecoins] have done just the opposite, by providing equal access to financial services no matter who you are. This bill will do the exact opposite of what you are saying, please understand the topic, “he wrote..

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Jeremy Aller, CEO of Circle, the USDC stablecoin issuer, appears to be critically acclaimed. According to Aller, the proposed bill will be “a huge step backward for digital currency innovation in the United States.”.

Some users felt that the proposed bill had nothing to do with protecting low-income people. On the contrary, the law protects traditional financial systems that exploit the community, wrote user Ajane Hinton.

Why the Harvard historian believes that the United States should introduce bitcoin into the financial system – read the special material BeInCrypto.

The crypto community criticized ...

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