BC CRYPTO
Saved by @Alex1Powell

The #STABLEAct is a confused attempt at regulating perceived harms that are not actually caused by the technology, but are, ironically, inherent in the existing financial system that cryptocurrencies are designed to replace

👇🏽

 Stablecoins, by their nature, can only INCREASE access to financial services. Unlike the existing system, they do not require the use of a bank account

The existence of stablecoins does not prevent consumers from using any other traditional payment, savings or credit offerings
In contrast, people can and do lose access to financial services when banks freeze or close their accounts

This happens when banks make arbitrary and opaque risk decisions that are in turn based on cumbersome regulations which deputize banks to do the government’s job
According to the press release

1. Stablecoin issuers could take advantage of low income consumers
2. Stablecoins are an ‘outsourced issuance’ of US dollars
3. Stablecoins pose market, liquidity, and credit risk

But all of these concerns are misplaced👇🏽

https://t.co/g997ym8zCV
The press release compares stablecoins to ‘shadow banks’ e.g mortgage & payday lenders, that lend on a fractional reserve basis, and often take advantage of consumers

This is the opposite of stablecoins like USDC, which are fully collateralized and don't charge interest or fees
It is reasonable to want to ensure fair lending & credit practices, but the existing lending laws should be clarified or expanded to cover lending in stablecoins

This objective does not justify regulating the issuance or transactional use of stablecoins
Second, stablecoins such as USDC also do not represent an 'issuance' of US Dollars

They are, at most, the issuance of a promise to redeem 1 stablecoin for 1 US Dollar, the same way as a check or money order

This issuance is already regulated under state money transmission laws
Finally, the concerns about 'market, credit, and liquidity risks' are vague and poorly articulated

Perhaps they refer to the risk that stablecoins could become 'too big to fail' or somehow cause a 2008 style financial crisis, which of course is absurd...
...because, again, stablecoins do not inherently involve any credit or fractional reserve

And again, there are existing laws (state money transmission) which require issuers of stablecoins to have fully collateralized reserves with a 1:1 backing.
There are also some very concerning sections in the draft, most notably this one, which would regulate:

"any stablecoin-related commercial activity, including activity involving stablecoins issued by other persons, without obtaining written approval"
All of this is to say, the #STABLEact is overly broad and poorly targeted

Under the premise of financial inclusion, it will do nothing to protect consumers, but will concentrate more power in banks, reduce competition and ultimately reduce financial inclusion

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Here's what happened in 5 Tweets 🔽

1) Governance Tokens 🪙

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$COMP sparked the wave, with $BAL coining the term a few weeks


3) Yield Faming 🌾

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This "bitcoin is better than gold" statement going around once more show that bitcoiners have no clue about monetary history and what the purpose of a monetary system is. A thread.

1- Metal standards were never inflexible; they could not in order to operate properly. Qty of metal was changed, usually lowered, to accommodate for changing economic conditions: price of metal, scarcity of coins, financial needs of economic units (state and private), etc.

2- The purpose of a monetary system is to make the rest of the economy go. It is there to accommodate financial needs. The more elastic one can design the supply, the better.
That doesn't mean that monetary creation & destruction shouldn't follow any rules & have no constraint.

3- Rules and constraint impose depend on economic system and evolve over time has we learn how to manage better the system. In a capitalist economy, the private sector is subject to the profitability constraint. We have learned from experience that this is not enough.

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In the government sector, the constraints are ressource availability and political constraints.
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This was resolved by us learning & studying which was crucial
.
Thread 👇🏽👇🏽👇🏽

2/ The arguments were exhausting especially if you didn't put time into education
1. Too volatile
2. Untrustworthy
3. Will get banned
4. Consumes too much energy
5. Not an investment, its speculation
6. Manipulated market
7. CBDC's
8. Used by criminals

3/ We saw something different, #Bitcoin was the most stable asset in our lives. Block after block it operated with perfection as promised. #Bitcoin hasn't changed at all since we got into it (yes, we verified) but the echo system built on top of it grew immensely

4/ Meanwhile everything else around us was insanely volatile, Our Central Bank printed more money than was ever printed in the country's history. Prices of real estate, commodities, groceries shot through the roof, more importantly the prices of Chicken

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1/ crypto VC is going through an explosive 🧨 phase

there are big funds (>$500M AUM), a lot of small funds (<$50M AUM), and *tons* of prop firms + angels

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observations + implications... 👇🏾

2/ the big firms need to deploy in size - $5M checks and up

a $250M fund could do a $5-10M deal every month for two years and still be under-allocated

and there aren’t enough companies raising series B / C / D rounds!!!

every deal i’ve done lately is under $50M valuation

3/ so we see firms competing to take down entire rounds.

a recent series A financing had two firms competing to take down the ENTIRE ROUND, and it eventually got upsized, a LOT.

if a company is putting up user acquisition / growth and a revenue story, it’s highly competitive

4/ most projects and co’s don’t need money tho - why would a founder take 20-40% dilution when they’re banking cash and crypto? so they do 5-10%

so the valuations go up, but available allocations go down, resulting in an even bigger squeeze on allocators who *need* to deploy

5/ add in the onslaught of non-crypto M&A that’s coming, which is culling the herd of investable unicorns

add in the wave of SPACs and direct listings taking later stage opportunities out

there just aren’t enough places to put capital in size rn

what’s a fund to do?
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