Ethereum community explodes over proposed stablecoin act from U.S. representatives
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The crypto community was slammed with news earlier this week that U.S. House representatives are looking to crack down on stablecoins.
The Office of Congresswoman Rashida Tlaib, who is heading this new proposed legislation, wrote in a press release announcing this move:
“The COVID-19 Pandemic has exposed numerous barriers to accessing and utilizing mainstream financial institutions, leaving many to look to the financial technology sector to meet the financial servicing needs of low- and moderate-income (LMI) consumers for everything from faster direct payments, access to loans, and even access to bank accounts. LMI consumer vulnerabilities could be exploited and obscured by bad actors looking to issue stablecoins.”
This “STABLE Act” would require that any issuer of a stablecoin must comply directly with banking regulations. This would basically harm the DeFi space by only allowing KYC-ed individuals to transact with decentralized applications.
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