It would seem the working group that was assembled by the US government has decided to take a cue from the great Warren G and take the path of regulation. Specifically in terms of stablecoins, though I don't doubt any number of other crypto investments will eventually end up in the crosshairs.
I read an article the other day from Engadget which was covering this very topic. Normally I would expect Engadget to be pretty reasonable when it comes to things that concern technology, but this article was just another steaming pile of FUD.
The funny thing is, they tried to mask the FUD with rainbows and butterflies.
Check this quote out from the end of the article:
As it stands, stablecoins are at risk from government competition. The Federal Reserve is exploring the possibility of launching a central bank cryptocurrency. Such a move could render private options moot in the US — there wouldn't be much point to them if there was an official, potentially more reliable equivalent.
Wow! Thank goodness they are looking out for us and there will potentially be a digital alternative that is controlled by the government! Besides the people who are just looking to make a quick buck, they are totally missing the point of what crypto is.
I want to be in control of my money. That is why I am making the moves I am currently making. If anything, cracking down on stablecoins will likely push more people towards the private tokens which they are so eager to scare people away from.
I can honestly see regulation like this making stablecoins even more stable. Tell a community they can't do something and they will instead do it and do it better than you ever could have imagined. That's my thinking anyway.
It doesn't surprise me too much that the officials would be so blind about a topic like this. What does surprise me is the fact that they think the general populace will or would readily accept it.
We can't even get people to wear masks without causing protests and civil unrest! Maybe it will be different because the public has gotten used to be doing told what we can and can't do with our money. Maybe it won't be as big a deal as I think.
It is sad to think people get upset and rally behind such trivial issues and then something like this comes along and they just roll over.
What do you think?
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