DoTheySupportIt

Strong piece by @SpeakerRyan on the national security imperative of USD stablecoins: “If other countries are successful at bolstering their currencies’ influence while dumping Treasury debt, the U.S. will need to find new ways to make the dollar more attractive. Dollar-backed stablecoins are one answer.” “China understands what’s happening. Financial authorities in Beijing have made digital currency a pillar of the country’s international-development strategy and foreign policy. The Chinese government is using physical and digital infrastructure investment in emerging markets, coupled with financial engineering, to embed the yuan in a network it can control to project influence. The U.S. can’t afford to sit idly as its largest international competitor taps latent demand for safe and convenient digital money. The framework for understanding how the dollar gets its power needs to be updated for a changing world.” “Promoting dollar-backed stablecoins would follow a well-trodden path and offer clear near-term benefits. There would be an immediate, durable increase in demand for U.S. debt, which would reduce the risk of a failed debt auction and an attendant crisis. Unlike China’s digital financial infrastructure, dollar-backed stablecoins issued on public, permissionless blockchains come packaged with the deeply American values of freedom and openness.” wsj.com/articles/stablecoins…

The SEC is now suing Kraken, Coinbase, Uniswap, Metamask and now Robinhood for the crime of helping regular Americans access crypto. This level of regulatory overreach has destroyed the legitimacy of the SEC and may lose the democrats the election. Voters don't want this.