U.S. bill proposes only banks should issue stablecoins

Any member of Congress can propose a bill, including bills that have no chance of passing. Most bills go nowhere. Flagging this as off-topic.<p>See these posts by dang for why <a href="https:&#x2F;&#x2F;hn.algolia.com&#x2F;?dateRange=all&amp;page=0&amp;prefix=true&amp;query=by%3Adang%20bills&amp;sort=byDate&amp;type=comment" rel="nofollow">https:&#x2F;&#x2F;hn.algolia.com&#x2F;?dateRange=all&amp;page=0&amp;prefix=true&amp;que...</a>

This seems like a fairly level-headed bill that recognizes that organizations that create stablecoins are not materially different from banks, these coins aren&#x27;t materially different from dollars and therefore should have to follow the same rules as banks.<p>We can have a looong discussion about the regulations that surround banks but that doesn&#x27;t change whether these entities are banks.

What is a “stablecoin”? I’ve been around the block a few times and have never heard this term before.

The pattern of people that would seek to promulgate this bill is that they believe the &quot;unbanked&quot; are victims who can only be cured by banking them.<p>This is a distortion and perversion of what representatives and their constituents really want, which is financial security and access to credit.<p>They lack inspiration to see that the infrastructure being created in the non-bank private sector is also aiming to create a more egalitarian system, which does not require banks.

Or, say, the Federal Reserve Bank could issue electrodollars.

Congrats you just created debit cards.

Why bring race into this?<p>Is it nonsensical emotional junk used to move the uneducated masses?<p>I&#x27;m no Trump supporter, but when I hear something so disconnected from policy it has a &quot;Mexico will pay for it&quot; vibe.<p>Edit- you guys read the article?