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August 16, 2023, 10:38:42 AM |
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Have anyone wonder why stable coins are safe all this while from Gensler and SEC, even the government? Why hasn't there any hunt on those centralized stablecoins? Is there something we don't know? Are stable coins somehow settled with the government and SEC behind the curtain?
Because if stable coins was target it will be a enormous hit to the whole crypto market, why haven't such thing happened yet? I also read where the former Binance.US said that the White House is trying to keep stable coins "out of discussions" like they know something.
Is this all about saving their USD? Or they are waiting to create CBDC successfully first before they go after stable coins?
Well this has nothing to do with cbdc's, as that's only new platform for digitalized usd (which people have been using since bank transactions), but one huge difference to altcoins, that comes in mind, is that you can't argue that usdt exists for making profit, which you can argue about altcoins and their marketing related to icos/idos/ieos or whatever. Obviously there are services that pay profit for holding usdt, but that's has nothing to do with Tether the company. And one of the reasons SEC attacks to altcoins you can find from the Howey test, and that is under "3. With the expectation of profit"
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DrBeer
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August 16, 2023, 11:10:00 AM |
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Have anyone wonder why stable coins are safe all this while from Gensler and SEC, even the government? Why hasn't there any hunt on those centralized stablecoins? Is there something we don't know? Are stable coins somehow settled with the government and SEC behind the curtain?
Because if stable coins was target it will be a enormous hit to the whole crypto market, why haven't such thing happened yet? I also read where the former Binance.US said that the White House is trying to keep stable coins "out of discussions" like they know something.
Is this all about saving their USD? Or they are waiting to create CBDC successfully first before they go after stable coins?
There are tons of answer options. - behind these tokens is the dollar, which means stability and lack of volatility. Yes, I agree - there are risks that the owner can manipulate the stock (collateral), but there are many articles of the criminal code on this ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) . - there is nothing behind a common cryptocurrency. The collateral of any other cryptocurrency is nothing, but they attract money for their projects. And such actions (working with securities or equivalent to them) are the responsibility of the SEC - Many stablecoins have mechanisms of centralized monetary systems, such as freezing your account (read - your wallet), cryptocurrencies do not. Therefore, stablecoins are "closer" to the legislation
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yhiaali3
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August 16, 2023, 11:13:39 AM |
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Not all stablecoins are safe but of course stablecoins that are accepted by the US government and the SEC will remain safe as they promote centralization and government control.
Recently PayPal launched its own stablecoin and it has a lot of support from the US government because PayPal is fully subject to US regulatory laws regarding KYC, AML is fully dollar backed of course this will enhance the dominance of the dollar around the world thanks to the widespread services of PayPal around the world.
Control is what the United States seeks, and it does not matter if this happens through the paper dollar or the digital dollar.
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Joshapat
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August 16, 2023, 01:22:10 PM |
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Stable coins are indeed things that make us curious because there are no problems like with other projects or coins, and in my opinion the factor that makes stable coins safe is that they use USD to support stable coins even though this fact is still difficult to prove. we'll see if later it's still safe and there's no problem or the problem will explode causing shocks in the market.
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Peanutswar
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August 16, 2023, 01:38:32 PM |
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Most of the stable coins are bound into a local currency, for example, the BUSD, USDT and another stable coin which is bound with the USD price. They keep stable but not as always, remember the issue regarding the Luna with the pair of stable coins even though they called stable coins, unexpectedly people keep selling their assets and use the stable coins to prevent their losses, as long as the project of those coins does disobey the rule of the SEC there's nothing the issue with it. Like the recently added feature of the Paypal they release their coins too.
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kryptqnick
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August 16, 2023, 01:55:33 PM |
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It's great that others have mentioned a lot of cases where the SEC expressed their negative attitude toward various stable coins. I want to focus on another matter. The SEC is pretty consistent on what fall under their regulations: securities or something very similar to securities. But here we hit a weird spot because the SEC seems to believe that stablecoins are close enough to securities that they should be registered as such. On the other hand, some argue that since there's no expectation of profiting when it comes to stablecoins, they aren't securities and thus shouldn't be under the SEC. In any case, it seems that the op is wrong in assuming that stable coins are free from the SEC, at least if the SEC's position on the matter counts.
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naira
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August 16, 2023, 02:11:50 PM |
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Because if stable coins was target it will be a enormous hit to the whole crypto market, why haven't such thing happened yet? I also read where the former Binance.US said that the White House is trying to keep stable coins "out of discussions" like they know something.
Is this all about saving their USD? Or they are waiting to create CBDC successfully first before they go after stable coins?
Different types of stablecoins with different names and who launched them. An example of BUSD from Binance because the exchange that issues it, the SEC has more freedom to play. But what if the government issued its own Stablecoin in crypto form? looks safe or is always not taken seriously. That's why this distinction is quite clear. As long as it is centralized and the SEC itself is controlled under the auspices of certain institutions, it does not rule out the possibility that everything will go well. This is all still under the same title, which is only about profit control.
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Pejoh Asu
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August 17, 2023, 12:31:09 AM |
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In my opinion, the thing that makes stable coins not too problematic so that they are free from the SEC is because coins are stable, the value does not change so there is no speculation, the developer states that every transaction that uses stable coins will immediately save real money, for example USD, so it doesn't make the SEC worry about being used for speculation as in other types of crypto.
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Darker45
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August 17, 2023, 12:53:41 AM |
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I don't think stablecoins are being exempted from the suspecting eyes of the SEC. I don't know why you have this impression, but we have already heard of a number of statements coming from the SEC regarding stablecoins. And while I highly doubt that stablecoins are securities, the SEC is even interested to take a look at the assets which back them up. Furthermore, stablecoins are also perceived as a direct threat to the banks. They're not off the hook.
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el kaka22
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August 17, 2023, 03:20:05 AM |
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I would guess that it's obviously a situation where SEC is not doing a big thing about it, because most of them are not established in the USA. Which would be like saying "oh that French company can't sell here", and they can't just do that. This means that they can only stop them from doing any criminal thing inside the USA lands, and that's exactly what they have done already as well.
They investigated USDT before, and even punished them with an 18 million dollar fine if I am not wrong, and they have asked Binance to stop with binance.us if they keep BUSD going and there are talks about binance closing down BUSD completely. That two alone should show you that they are not just sitting and letting the stablecoins be.
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The Sceptical Chymist
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August 17, 2023, 11:18:42 AM |
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The SEC Chairman Gensler once said that stablecoins are risky and can harm the US economy, he even referred to them as poker chips at the casino. He's right about them being risky IMO, just based on some of the crypto disasters we've seen in the past year or so, but stablecoins harming the US economy? Please, the US government is doing a damn good job doing that all by itself with its reckless monetary policies, heavy taxation, and the aftereffects we're now starting to see, e.g., inflation. Compared to the carnage the government has left in its wake, stablecoins are nothing. I snipped out the part where you said those coins are under scrutiny, but you're on the money about that. My guess is that the banking lobbyists' power far outweighs the power of people fighting for crypto. Banks have got to be the ones influencing politicians to go after stablecoins, requiring exchanges to implement KYC measures, and probably a bunch of other things we've not seen yet. As an aside, the whole money laundering excuse they use is laughable on its face. Compared to fiat, crypto is a tiny portion of the problem and doesn't deserve the heavy scrutiny IMO.
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348Judah
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August 17, 2023, 01:49:04 PM |
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Is this all about saving their USD? Or they are waiting to create CBDC successfully first before they go after stable coins?
Maybe they gave also realized that the right target shouldn't be stablecoin but bitcoin, if you can win over the head, then other branches and tentacles could not be a threat to have victory over again, they have made series of attack on bitcoin and since it all avail to nothing, they also make moves in creating their own digital fiat called CBDC which the people still rejects to embrace the decentralized network only, we should know that without bitcoin, there's no existance for any form of digital currency be it stablecoin or altcoins because bitcoin is the head of cryptocurrency, they can't attack others than to set before ahead, whereas stable us not volatile as cryptocurrency, they are pegged with the USD standard rates, which is still fare and ok by them to an extent.
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@sriyan
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August 17, 2023, 02:30:21 PM |
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Have anyone wonder why stable coins are safe all this while from Gensler and SEC, even the government? Why hasn't there any hunt on those centralized stablecoins? Is there something we don't know? Are stable coins somehow settled with the government and SEC behind the curtain?
Because if stable coins was target it will be a enormous hit to the whole crypto market, why haven't such thing happened yet? I also read where the former Binance.US said that the White House is trying to keep stable coins "out of discussions" like they know something.
Is this all about saving their USD? Or they are waiting to create CBDC successfully first before they go after stable coins?
If they can show the proof of reserves for the stablecoins, there is no legal cases against the stable coins. That is the my view regarding your question. But it does not means it will not happen in the future. We need the SEC to find the loopholes of the crypto market.
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Cookdata
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August 17, 2023, 02:41:11 PM |
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Have anyone wonder why stable coins are safe all this while from Gensler and SEC, even the government? Why hasn't there any hunt on those centralized stablecoins? Is there something we don't know? Are stable coins somehow settled with the government and SEC behind the curtain?
Because if stable coins was target it will be a enormous hit to the whole crypto market, why haven't such thing happened yet? I also read where the former Binance.US said that the White House is trying to keep stable coins "out of discussions" like they know something.
Is this all about saving their USD? Or they are waiting to create CBDC successfully first before they go after stable coins?
You need to understand why SEC is after some particular coins and tokens and not USDT, BTC, ETH. From the definition of securities, I quote: What are securities and examples? At a basic level, security is a financial asset or instrument that has value and can be bought, sold, or traded[1]. That being said; Sec believes that more than 70% of tokens in the crypto market are believed to be securities and for them to be traded or sold in the United States, they need to be formally registered and anything without the registration is term as illegal and crime and that is why you see the other day, they Sued Coinabase, Matic, Solana, Avalanche, Cardano and others for Violating the SEC rules and regulations. USDT on the other hand, the SEC has not ruled anything for the stablecoin but they fine Binance for issuing BUSD as security and that begs the question if they are hiding something from the public, stablecoins are not an investment in the US, they are redeemable to fiat in equivalent 1:1 ratio, perhaps they have been lobbying the SEC or did some registration to avoid been scrutinized because BUSD is not an investment and USDT is not an investment either. The two are never USDT at least to my basic level of understanding why SEC has been attacking other projects. [1] https://www.thestreet.com/dictionary/s/security#:~:text=At%20a%20basic%20level%2C%20a,%2C%20mutual%20funds%2C%20and%20ETFs.
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jossiel
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August 17, 2023, 02:48:32 PM |
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Have anyone wonder why stable coins are safe all this while from Gensler and SEC, even the government? Why hasn't there any hunt on those centralized stablecoins? Is there something we don't know? Are stable coins somehow settled with the government and SEC behind the curtain?
I don't think there's anything strange with that, they're already centralized thus, SEC can control that easily so they wouldn't need to hunt for them. Because if stable coins was target it will be a enormous hit to the whole crypto market, why haven't such thing happened yet? I also read where the former Binance.US said that the White House is trying to keep stable coins "out of discussions" like they know something.
Is this all about saving their USD? Or they are waiting to create CBDC successfully first before they go after stable coins?
Stable coins aren't really different from CBDC so it's like their own as well. It's not that surprising anymore if they won't target the stable coins because all of them can provide proofs that they're legitimate backed up with real money. That's the least that they can do for them to be stopped being hunted by the SEC.
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bussybuddy
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August 17, 2023, 04:35:23 PM |
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Stablecoins really offer stability and solvency in the crypto space, especially when compared to bitcoin.
However, centralization and control can still be an issue for stablecoins. The involvement of regulators can create a degree of control to ensure transparency and compliance with financial regulations. This can be beneficial for the sustainable development of the cryptocurrency market, but at the same time raises questions about the independence and decentralization that cryptocurrencies aim for.
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beerlover
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August 19, 2023, 04:18:30 PM |
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Because if stable coins was target it will be a enormous hit to the whole crypto market, why haven't such thing happened yet? I also read where the former Binance.US said that the White House is trying to keep stable coins "out of discussions" like they know something.
Is this all about saving their USD? Or they are waiting to create CBDC successfully first before they go after stable coins?
Different types of stablecoins with different names and who launched them. An example of BUSD from Binance because the exchange that issues it, the SEC has more freedom to play. But what if the government issued its own Stablecoin in crypto form? looks safe or is always not taken seriously. That's why this distinction is quite clear. As long as it is centralized and the SEC itself is controlled under the auspices of certain institutions, it does not rule out the possibility that everything will go well. This is all still under the same title, which is only about profit control. I think it is going to be basically keeping someone responsible for whatever may happen. If you have any stablecoin with a company that has offices in the USA that can respond to anything that may go wrong, I think it is going to matter and we are going to see it do well enough. I understand that it is not a simple job and we are going to see a lot of troubles and investigations and courts and all that, but in the end it will be allowed to continue as long as SEC could put their hands on it. Right now, it is all like that and all the major ones have at least one office in the USA and if anything goes wrong SEC could just raid that office and investigate what's going on and they could decide on what went wrong as well.
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armanda90
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August 19, 2023, 04:28:52 PM |
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Do you know where is SEC come from? they are coming from United State and probably will protect with their currency payment as dollar keep existing and have higher values for adopting around the world as payment currency transaction. There are not difference yet between stable coin in cryptocurrency or USDT with dollar using by United State citizen. SEC investigate with cryptocurrency have chance for replacing their currency and they will try many way how to make some coins have lower values and get cases with their rule.
But don't afraid with SEC against because XRP have to show the public how to beat SEC and success win due problem complicated almost two years. I don't think SEC is most danger community for investigating with cryptocurrency project, I believe one day later they will loss and give up against with cryptocurrency.
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Eternad
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August 19, 2023, 04:42:26 PM |
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Have anyone wonder why stable coins are safe all this while from Gensler and SEC, even the government? Why hasn't there any hunt on those centralized stablecoins? Is there something we don't know? Are stable coins somehow settled with the government and SEC behind the curtain?
Because they are not Security tokens and they are regulated through the issuer of the token. Security tokens by definition is transferring ownership rights and asset value to tokens such as stocks, bonds and etc. Stablecoins is just a digital dollar that is pegged by real USD on the banks. SEC has no say on assets that is not an investment like Stablecoins since it's just a tokenized dollars while the rest of the Shitcoin which SEC being sued launch unregulated IDO and other form of funding to raise money in exchange for the tokens or simply they sell tokens of their company for a promise of return to investment.
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Unbunplease
Legendary
Offline
Activity: 1806
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August 19, 2023, 08:30:21 PM |
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Do you know where is SEC come from? they are coming from United State and probably will protect with their currency payment as dollar keep existing and have higher values for adopting around the world as payment currency transaction. There are not difference yet between stable coin in cryptocurrency or USDT with dollar using by United State citizen. SEC investigate with cryptocurrency have chance for replacing their currency and they will try many way how to make some coins have lower values and get cases with their rule.
But don't afraid with SEC against because XRP have to show the public how to beat SEC and success win due problem complicated almost two years. I don't think SEC is most danger community for investigating with cryptocurrency project, I believe one day later they will loss and give up against with cryptocurrency.
The SEC is just a tool in the hands of global bitcoin manipulators. When bitcoin needs to collapse, bad SEC decisions appear, and when the price needs to grow, SEC decisions are canceled. Stablecoins are a safe haven that they try not to touch (but only the major stablecoins).
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