stable coins
By Steven Anderson
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What happened. Jamie Dimon is angry. The JPMorgan CEO has come out swinging against a proposed framework buried…
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The historical context. It's worth remembering that traditional finance has been here before.
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Why it matters. If stablecoin issuers win the right to offer yield-bearing rewards, it changes something…
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What to watch. A few things will tell us where this is heading.
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Jamie Dimon is angry. The JPMorgan CEO has come out swinging against a proposed framework buried inside the CLARITY Act — a bill designed to sort out how regulators treat crypto…
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The CLARITY Act is trying to draw some kind of workable line between the crypto world and the banking world, two sectors that have been crashing into each other for years now.
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It's worth remembering that traditional finance has been here before. Not with stablecoins, obviously, but with the same basic fear: something new is coming, and it might eat our…
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Peer-to-peer lending platforms in the early 2010s triggered a nearly identical panic inside established banks.
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Stablecoins are probably the next chapter of that same story. The incumbent powers resist, the technology finds a way to stick around, and eventually the two sides either merge…
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But the speed here is different. Crypto moves faster than P2P lending ever did, and the regulatory frameworks are nowhere near ready.
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Related: Jamie Dimon Slams CLARITY Act, Calls Brian Armstrongs Lobbying Push Full of Shit
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And the people who could actually win here, at least in the short term, are early stablecoin adopters and the platforms that support them.
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There's a second layer too. The debate over the CLARITY Act isn't really just about rules. It's a fight between two completely different ideas about how money should work —…
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The CLARITY Act's path through the legislative process matters enormously — specifically any amendments that touch stablecoin issuer regulations directly.
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See also: Digital Chamber Pushes Senate Hard on CLARITY Act with Growing Crypto Coalition Behind It
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