The Biden administration is trying to prevent stablecoins from entering the American economy, according to former Binance.US CEO Brian Brooks.
– The White House is opposed to stablecoins penetrating the economy, although it is unclear why they are taking this stance.
– Former Chairwoman Maxine Waters reportedly led a walkout of the stablecoin bill because the White House threatened to veto it.
– US-backed stablecoins are seen as a tool for people in developing economies to fight inflation and seek refuge in dollars.
– Stablecoins are faster and cheaper payment instruments that can be used to hold and remit money to people.
– There is a demand for stablecoins in the developing world where inflation erodes savings quickly.
Hot Take:
The Biden administration’s opposition to stablecoins entering the American economy is concerning. Stablecoins provide a faster and cheaper way to hold and transfer money, especially in developing economies where inflation is a significant issue. By preventing stablecoins from gaining traction, the administration is limiting the potential benefits they can bring to individuals and countries. It is important for the United States to embrace innovation and leverage the role the dollar plays in the global financial system.
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