Stellar Lumens (XLM) and USDC for Migrant Workers Refugees, Unbanked and SMEs

On February 09, 2022 Denelle Dixon Expressed:  It’s easy to get caught up in big scary what ifs and attention-grabbing headlines. But today’s Senate AG Committee Republicans and Senate AG Nutrition and Forestry Committee Dems hearing showed how networks like Stellar are solving real world problems that have left people out of the financial system for decades.

The solution:  Money Gram is building on Stellar will give people a way to seamlessly convert USDC to cash, or cash to USDC, providing a bridge between digital assets and local currencies for consumers.

Tribal Credit on Stellar allows businesses in Mexico to send payment in pesos to the US, while US businesses receive payment in USD, w/ potential to facilitate faster payments & better relationships for 62m small & medium-sized businesses that transact globally each year.

Leaf Global Tech meets the needs of refugees and cross-border goods traders bringing money to a new country or vulnerable to theft, with a digital wallet backed by UNICEF Innovate that allows them to save money in multiple currencies to pay for goods & services.

Blockchain is real, it’s here, and it’s solving real problems. It’s time we start talking about how it’s already unlocking new opportunities for migrant workers, refugees, the unbanked, and small and medium businesses all over the globe.

Sen. Debbie Stabenow expressed:  “Regulation and innovation are not usually exclusive.  If they were, our financial markets would not be the strongest in the world.  But we can’t afford to wait until the next crisis.  Congress must work with regulators and the Biden Administration to design a framework that protects consumers and our environment and keeps our market fair, transparent, and competitive.  The CFTC will play a key role in that effort.  It currently regulates digital asset derivatives in the spot market.”

Senate AG Nutrition and Forestry Committee Dems expressed, “The CFTC’s response shows there is a strong need for federal market oversight of digital assets. This is a key focus of our work here on the Committee.”

When delivering his opening statement at the hearing titled, “Examining Digital Assets: Risks, Regulation, and Innovation” John Boozman expressed, “Fragmentation will likely create price dislocations, different rule books which in the end could create risks for investors.” There’s a “strong place” for role between state & fed coordination” & “states play a “key role in market stability & protecting customers.”

Boozman also stated, “From market regulatory standpoint, oversight standpoint, I think it is very important that we have as few regulators as possible, we have little fragmentation as possible, and single points of entry into the market.”

He also questioned: “Why are current state-based regulations inadequate, and why do you believe the CFTC is uniquely positioned to regulate these markets?”

It just looks like concrete discussions are beginning to take place.  We need to wait and watch the developments further.