kameek on Nostr: Sent in my concerns to Lummis regarding the Stablecoin verbiage in #bitcoin act bill. ...
Sent in my concerns to Lummis regarding the Stablecoin verbiage in #bitcoin act bill.
Dear Senator Lummis,
I appreciate the effort to strengthen Bitcoin and its adoption in the United States through the BITCOIN Act. However, I have some concerns regarding the language on algorithmic payment stablecoins.
The current provision restricting algorithmic payment stablecoins backed only by US Treasuries could inadvertently create artificial demand for these securities while also concentrating power in the hands of private entities like #Tether. This raises privacy and sovereignty concerns, as it can enable surveillance capabilities similar to Central Bank Digital Currencies (CBDCs).
I kindly request that you consider removing or revising this line item to allow stablecoins backed by Bitcoin held in the US Treasury. This approach would foster innovation, drive business growth, and promote a more decentralized financial ecosystem.
Thank you for your attention to these concerns, and I look forward to seeing the BITCOIN Act progress.
Dear Senator Lummis,
I appreciate the effort to strengthen Bitcoin and its adoption in the United States through the BITCOIN Act. However, I have some concerns regarding the language on algorithmic payment stablecoins.
The current provision restricting algorithmic payment stablecoins backed only by US Treasuries could inadvertently create artificial demand for these securities while also concentrating power in the hands of private entities like #Tether. This raises privacy and sovereignty concerns, as it can enable surveillance capabilities similar to Central Bank Digital Currencies (CBDCs).
I kindly request that you consider removing or revising this line item to allow stablecoins backed by Bitcoin held in the US Treasury. This approach would foster innovation, drive business growth, and promote a more decentralized financial ecosystem.
Thank you for your attention to these concerns, and I look forward to seeing the BITCOIN Act progress.