They are steering back protecting the banks.
This clamp down on stablecoin holders is not enforceable, by the way.
Probably it’s going to be relevant only in case of primary deals, or minting and burning of Stablecoins tokens. Not on secondary transactions.
Hey @Fillippone I also think this might be more suitable for primary market operations, because when stablecoin issuers mint new tokens or burn them through redemptions, it is relatively easy to coordinate directly with banking channels.
But the situation is different in the secondary market. For example, if a user buys USDT or USDC on an exchange and sells it to another user, there is no direct involvement of the issuing institution. As a result, even if there are measures proposed to protect banks, they are difficult to effectively apply to most transactions in the secondary market.
Therefore, in my opinion, such a system would be limited to certain operational steps rather than covering the entire stablecoin ecosystem. It is necessary to observe real-world implementation and market reactions to assess its effectiveness in the long term.
Aren't you guys being a bit presumptuous about the limitations of the issuing institutions in regards to their own coins?
I don't claim to be an expert, yet I don't know of any stable coins that are open source, so if the various stable coins are not open source, there would be no way to verify that individual coins cannot be tracked and/or otherwise controlled such as freezing or made to disappear, even if they are not in the custody of the issuing institution or an agent of the issuing institution.
[edited out]
Goals also seem to be able to monitor and control any kinds of transactions whether they are bitcoin-related or not, and the more channels they can put their grubby little fingers into, the more limitations there will be for bitcoin holders to interact with those systems.
This is the one exactly their intention to monitor or have control with the transaction trails of people. Also they provably care that much about stablecoins, because it is pegged with their USD that's why they like to adopt and try to be in control.
They may try to expand their influence also control with existing financial system, but one things if for sure here, they cannot automatically weaken the influence or popularity of Bitcoin. That actions they have done will just give great highlight the importance of Bitcoin.
Maybe you and I are working from a slightly different premise (set of presumptions), even though I agree with you when it comes to bitcoin itself not being controlled or controllable, yet it seems that there are a large number of ways that states, governments and financial institutions can put their little tentacles into bitcoin through on and off ramps and even the various wallets that claim to be bitcoin yet they are not really bitcoin since they are paper bitcoin (and closed sources), and the same is true with various other paper derivatives of bitcoin that contributes to confusion in regards to what is bitcoin and what is just exposure to bitcoin prices.
Part of my point is that the more tentacles (and even potential restrictions) in the various ways that bitcoin is used (or can be acceptably used), then the more that normies are confused about the difference between paper bitcoin and real bitcoin, and they might not even realize that bitcoin can be used without so many third parties and without the third party on ramps and off ramps.
Of course, one of the potential solutions would be to create networks in which normies (bitcoin users) are interacting with others directly rather than going through third parties (or even using the 3rd party stable coins), yet there are so many ways and places that disincentives are made to directly transact on bitcoin and even some of our developers are put in jail (namely Samurai) for developing tools that facilitate and empower directly transacting in bitcoin. By the way, when there are "incentives" to use third parties instruments/tools that is also similar to disincentives in regards to using and holding bitcoin directly.
