CoinDesk Layoffs and Newsletter Hiatus
CoinDesk recently made the difficult decision to lay off 24 colleagues, primarily from their editorial team, due to financial challenges in the crypto media market. These individuals were vital contributors to CoinDesk’s renowned journalism and will be sorely missed. In addition, the Money Reimagined newsletter will be on hiatus until January 2023, allowing for the author to write a book and address staffing concerns.
Main Column: The Future of U.S. Stablecoins
The U.S. is falling behind other jurisdictions in legally regulating stablecoins, which could have implications for the future of the dollar. U.S. Representative Maxine Waters criticized PayPal for launching its stablecoin without federal law deliberations, similar to the backlash against Facebook’s Libra. While there is pressure on the federal government to support stablecoin projects like PayPal’s, the progress of other countries in regulating stablecoins should concern U.S. policymakers. Until USD stablecoins receive Washington’s approval, other countries may seize the opportunity to undermine U.S. financial leadership. China, already working on crypto solutions that bypass the dollar in foreign trade, could fill the vacuum if the U.S. fails to act.
The Hot Take
The U.S. has the opportunity to lead in the development of stablecoins, but its slow legislative process risks perpetuating a system of surveillance and unnecessary costs in the global financial system. It’s time for action to turn open-access protocols and the demand for dollars into a new form of domination, or the U.S. may miss out on this chance.
By
By
By
By
By