The STABLE Act has progressed through the House Financial Services Committee, enhancing the likelihood of its passage in 2023. Advocates believe it could reinforce the dollar's global role while facilitating transactions. However, the bill faces scrutiny from Democrats worried about systemic risks, especially after the Trump family's crypto venture announcement. Critics argue that such legislation could pave the way for Big Tech to issue their own stablecoins, risking corporate monopolization of the financial landscape. Currently, both the House and Senate bills need reconciliation for a unified law that could allow both banks and non-financial firms to create stablecoins.
Critics warn that legislation could enable Big Tech companies like Meta and Amazon to create privatized forms of money, increasing their corporate power.
Proponents claim stablecoins can help preserve the global centrality of the dollar, enabling global transactions that are free, cheap, and secure.
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