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Good article in The Prospect about the coming STABLE and GENIUS acts, which will give an implicit bail out guarantee to crypto money laundering firms - sorry, i mean "stablecoins" - like #Tether and #Circle (#Coinbase). One of the two would also let #ElonMusk print his own dollars.
Senate #Democrats like #KirstenGillibrand, #ElissaSlotkin, and #RubenGallego, whose election campaigns were supported by incredible amounts of crypto money, will probably make sure these bills become laws (because they are corrupt).
Note that stablecoins are currently incredibly profitable businesses. After all a stablecoin is basically a bank where you spend nothing on anti-money laundering & other regulations, refuse to assist customers who have been scammed, and collect 5% interest from the US government while passing absolutely none of it on to your customers.
The dollar is really fucked, isn’t it?
I’m sure the currency will go over well in the Middle East and in Russia, but I’m not really sure the rest of the world will be down with it neither China or central and South America or Canada or Europe, Or most of Asia.
I guess the faithful will be asked to purchase stock in order to back The currency
@GhostOnTheHalfShell more like the entire US population will be forced to buy #TSLA (and advertise on X) at the point of a gun.
they're already talking about using tariff money for america's own #SovereignWealthFund. what companies do you think that fund will invest in?
I wonder how long or if the other wealthy people in the United States will get burned by all this and like every other clash between nobles go to war with them
@cryptadamist I don't understand any of this but all of it sounds really very bad.
@raindrops_and_roses if you don't know what a stablecoin is or how the US Secretary of Commerce is running the world's largest bank for slave traffickers and rogue nuclear states this may help:
https://cryptadamus.substack.com/p/trumps-transition-team-is-tethered
@cryptadamist I don't but based off what you said I should so thanks!