Stablecoin bill regulation thread

[zasad@]

If China is a boxer, it appears that it wants to enter the ring to fight in the cryptospace hehehe. The implementation of this is very important because if they are very much strict on usage with many locks, freezes amd censorship which China is very much known of doing on their citizens, I reckon this will not get much adoption. The Chinamen will choose bitcoin over a stablecoin where they risk their wealth to the frozen by the administration of the Xi of the Jin and the Ping.



China is considering allowing the usage of yuan-backed stablecoins for the first time to boost wider adoption of its currency globally, sources familiar with the matter said, in a major reversal of its stance towards digital assets.

The State Council - China's cabinet – will review and possibly approve a roadmap later this month for the greater usage of the currency globally, including catching up with a U.S. push on stablecoins, said the sources.

Read in full https://www.reuters.com/business/finance/china-considering-yuan-backed-stablecoins-boost-global-currency-usage-sources-2025-08-20/

The Chinese are very cunning. According to the news, they ban cryptocurrencies, but Chinese intermediaries happily accept cryptocurrencies. I can choose any product in Chinese stores and write to an intermediary in CHINA. In 4 weeks the product will be at my home. The only way to pay is cryptocurrency. Sanctions

The same goes for goods from Europe and America. It will take longer, as the goods will travel through several countries.

[bbc.reporter]

@zasad@. Yes, this is very good for the people very much similar to us who are only small minnows hehehehe. Before the cryptospace, only the rich can move their money through their connections with the traditional banks. The small minnows will need to comply to money laundering rules where they can ask many questions about your transactions if they reckon you are suspicious. They can also freeze your funds and not allow you to use their service. It is also very good that the Donald is supporting the cryptospace. He also declared that the banks can be sued if they do not allow their services to be used for crypto.

[zasad@]

@zasad@. Yes, this is very good for the people very much similar to us who are only small minnows hehehehe. Before the cryptospace, only the rich can move their money through their connections with the traditional banks. The small minnows will need to comply to money laundering rules where they can ask many questions about your transactions if they reckon you are suspicious. They can also freeze your funds and not allow you to use their service. It is also very good that the Donald is supporting the cryptospace. He also declared that the banks can be sued if they do not allow their services to be used for crypto.

Now I can't imagine how to work with banks. Even in Russia there is very strict currency control. If I want money even to a neighboring country that has not imposed sanctions, then the bank will ask me for a lot of documents, from a contract to acts and documents for the goods, and then a specialist will check it for up to 10 days.

[bbc.reporter]

@zasad@. Yes you are only a small ordinary minnow who does not have much money. They will be more strict on you to prevent money laundering and charge you more fees hehehehe. You are not part of them.

The people who have much money, the banks will not care if you are a criminal, the bank will give you special services like wash your money and move it to wherever you want this to arrive. They will also waive much of the fees heheh.

Moneylaudering might be their profitable secret business and they consider bitcoin and the cryptospace as a competitor for this. Also, they do not like the occurrence where small minnows can move their money freely to any jurisdiction.



JPMorgan Chase has agreed to pay the Malaysian government approximately $330 million, without admitting liability, in a settlement for its role in the 1Malaysia Development Berhad scandal.

On the same day as the settlement announcement, Switzerland’s attorney general issued a summary penalty order that fines JPMorgan Suisse 3 million Swiss francs — or about $3.7 million — for “failing to take all reasonable and necessary organisational measures to prevent acts of aggravated money laundering” between October 2014 and July 2015, according to a Google-translated statement from the attorney general’s office.

Read in full https://finance.yahoo.com/news/jpmorgan-pay-330-million-malaysia-200942848.html

[zasad@]

@zasad@. Yes you are only a small ordinary minnow who does not have much money. They will be more strict on you to prevent money laundering and charge you more fees hehehehe. You are not part of them.

The people who have much money, the banks will not care if you are a criminal, the bank will give you special services like wash your money and move it to wherever you want this to arrive. They will also waive much of the fees heheh.

Moneylaudering might be their profitable secret business and they consider bitcoin and the cryptospace as a competitor for this. Also, they do not like the occurrence where small minnows can move their money freely to any jurisdiction.

In Russia, the law is strict for anyone who takes money out of the country. It used to be very easy, but now the controls have become more stringent.
Large corporations have entire departments that constantly prepare documentation for banks.
For example, I don’t even have to try to overcome the difficulties, I’ll go to a trusted intermediary, tell him what I need, and he’ll bring it to me from any country. I can pay from a bank account, but then I will pay 8-10% more. The most favorable conditions are payment in USDT.

[FinneysTrueVision]

Proponents of the GENIUS Act must be very happy because the Department of the Treasury is seeking to make DeFi into a permissioned system with on-chain KYC verification and requirements to abide by the Banking Secrecy Act.

Congrats on this. Seriously.

https://www.therage.co/treasury-digital-identity-defi/

[bbc.reporter]

@FinneysTrueVision. It is very much similar to what I have argued years before where the government will make these stablecoin issuers as something similar to their deputies and control how much inflows and outflows goes in and goes out of the cryptospace.

It appears that we are witnessing this becoming a real occurrence.

[zasad@]

@FinneysTrueVision. If stablecoins start implementing KYC procedures and forcing DeFi projects to do the same, there will be a large outflow of capital from this area. Smart contracts cannot be blocked, so new stablecoins will appear that will not comply with these requirements.

[bbc.reporter]

@zasad@. Yes, I would also like to read some more articles on this because the stablecoin issuers and all of the DeFi developers does not have this type of concern this article appears to be spreading. I reckon this might be something similar to fud like this Twitter account they call Bitfinexxed on 2017. He said that USDT will fail, however, we have not witnessed this. We can accept this as speculation similar to the speculation that the digital asset treasuries will cause a market bubble then the bubble pop heheheheh.

[zasad@]

@zasad@. Yes, I would also like to read some more articles on this because the stablecoin issuers and all of the DeFi developers does not have this type of concern this article appears to be spreading. I reckon this might be something similar to fud like this Twitter account they call Bitfinexxed on 2017. He said that USDT will fail, however, we have not witnessed this. We can accept this as speculation similar to the speculation that the digital asset treasuries will cause a market bubble then the bubble pop heheheheh.

I saw an update for DeFi projects with a whitelist. The idea is to first go through the necessary procedures to get on the whitelist and then have access to the project.

I also prefer to watch not only the statements, but also what is actually happening. So far, nothing significant is happening. An interesting point is that if treasuries are needed as collateral before the release of stablecoins, the government can cut the interest.

I don't think this bubble will burst. I've looked at different data, and over 60% of treasuries are owned by Americans and American companies. The US government can't afford to bankrupt its country and its citizens.

[bbc.reporter]

@zasad@. I am quite certain that if much of the projects' founders will speculate that there will be very concerning occurrences because of the GENIUS ACT, this news should have made circulation already. How very affecting in the cryptospace this might be is presently only speculation.

Also, if this is real, this will only be imposed on users who are under the American jurisdiction. This is not very concerning for much of the users in this world hehehe.

[zasad@]

@zasad@. I am quite certain that if much of the projects' founders will speculate that there will be very concerning occurrences because of the GENIUS ACT, this news should have made circulation already. How very affecting in the cryptospace this might be is presently only speculation.

Also, if this is real, this will only be imposed on users who are under the American jurisdiction. This is not very concerning for much of the users in this world hehehe.

I agree about the American jurisdiction, but there is a big problem here. Over time, this will be implemented first in Europe, and then in Asia. There are a lot of risks after the change of the president in the USA. But if you look at the development of cryptocurrency control, there will be less and less freedom every year.

[bbc.reporter]

@zasad@. Agreed on problems and the change of administration especially if the next president is a Democrat. However, the changes will be limited only on the executive department. The GENIUS act is a bill created in the legislative department that was signed into law already. The president cannot change laws created in congress.

In any case, on European and Asian countries having their own stablecoin bills and having administrations that are procrypto, this would certainly be bullish but I reckon this will occur after more years after witnessing the effects of the GENIUS act in America.

[zasad@]

@zasad@. Agreed on problems and the change of administration especially if the next president is a Democrat. However, the changes will be limited only on the executive department. The GENIUS act is a bill created in the legislative department that was signed into law already. The president cannot change laws created in congress.

In any case, on European and Asian countries having their own stablecoin bills and having administrations that are procrypto, this would certainly be bullish but I reckon this will occur after more years after witnessing the effects of the GENIUS act in America.

I think about it like this. If other countries lag behind the US, then many people will buy businesses, property, real estate in other countries for US stablecoins. I don't think that's a problem. In the end, the purchase will be for US debt derivatives. The very first problem I see is additional inflation around the world, where stablecoins can be used.

[bbc.reporter]

@zasad@. On our discussion before about the banks and why they do not like the procrypto agenda of the Donald in America. I speculate that this is one of the reasons why. The banks want to control the flows of money, legal and illegal. The cryptospace is competing against them on this.

If they used stablecoins, the fees on these flows if they went to different DeFi platforms would be very good for liquidity providers' yield hehehehe.



Chinese money launderers appear to have moved some $312 billion in illicit transactions through U.S. banks and other financial institutions in recent years to aid Mexican drug cartels and other criminals, the Treasury Department said.

This growing marketplace connecting dirty cash from Mexico’s drug cartels to Chinese expats looking to get their savings out of China is drawing scrutiny from the Trump administration, which wants banks to help crack down.

A Wall Street Journal report earlier this year highlighted how one such network was able to make five- and six-figure deposits at tellers’ windows throughout Los Angeles county.

Chinese money-laundering networks are now the dominant player in an illicit money-services industry that criminal groups like the Jalisco New Generation and Sinaloa cartels use to move profits from drug sales, according to the Treasury.

Read in full https://www.wsj.com/finance/regulation/chinese-money-launders-are-moving-billions-through-u-s-banks-cf617283

[zasad@]

@zasad@. On our discussion before about the banks and why they do not like the procrypto agenda of the Donald in America. I speculate that this is one of the reasons why. The banks want to control the flows of money, legal and illegal. The cryptospace is competing against them on this.

If they used stablecoins, the fees on these flows if they went to different DeFi platforms would be very good for liquidity providers' yield hehehehe.



Chinese money launderers appear to have moved some $12 billion3 in illicit transactions through U.S. banks and other financial institutions in recent years to aid Mexican drug cartels and other criminals, the Treasury Department said.

This growing marketplace connecting dirty cash from Mexico’s drug cartels to Chinese expats looking to get their savings out of China is drawing scrutiny from the Trump administration, which wants banks to help crack down.

A Wall Street Journal report earlier this year highlighted how one such network was able to make five- and six-figure deposits at tellers’ windows throughout Los Angeles county.

Chinese money-laundering networks are now the dominant player in an illicit money-services industry that criminal groups like the Jalisco New Generation and Sinaloa cartels use to move profits from drug sales, according to the Treasury.

Read in full https://www.wsj.com/finance/regulation/chinese-money-launders-are-moving-billions-through-u-s-banks-cf617283

Of course, big banks have their reasons for not letting the crypto industry develop, but banks understand perfectly well that if they lag behind progress, they will go bankrupt.
0.312 trillion is not such a big amount of money for American banks.
I looked at interesting facts about naccocortels and how they use unmanned sea drones to deliver their goods to all countries of the world. And this became possible thanks to the Internet from Elon Musk.

[estenity]

Proponents of the GENIUS Act must be very happy because the Department of the Treasury is seeking to make DeFi into a permissioned system with on-chain KYC verification and requirements to abide by the Banking Secrecy Act.

Congrats on this. Seriously.

https://www.therage.co/treasury-digital-identity-defi/

Gadsden Flag revisited..?

[bbc.reporter]

@zasad@. On our discussion before about the banks and why they do not like the procrypto agenda of the Donald in America. I speculate that this is one of the reasons why. The banks want to control the flows of money, legal and illegal. The cryptospace is competing against them on this.

If they used stablecoins, the fees on these flows if they went to different DeFi platforms would be very good for liquidity providers' yield hehehehe.



Chinese money launderers appear to have moved some $12 billion3 in illicit transactions through U.S. banks and other financial institutions in recent years to aid Mexican drug cartels and other criminals, the Treasury Department said.

This growing marketplace connecting dirty cash from Mexico’s drug cartels to Chinese expats looking to get their savings out of China is drawing scrutiny from the Trump administration, which wants banks to help crack down.

A Wall Street Journal report earlier this year highlighted how one such network was able to make five- and six-figure deposits at tellers’ windows throughout Los Angeles county.

Chinese money-laundering networks are now the dominant player in an illicit money-services industry that criminal groups like the Jalisco New Generation and Sinaloa cartels use to move profits from drug sales, according to the Treasury.

Read in full https://www.wsj.com/finance/regulation/chinese-money-launders-are-moving-billions-through-u-s-banks-cf617283

Of course, big banks have their reasons for not letting the crypto industry develop, but banks understand perfectly well that if they lag behind progress, they will go bankrupt.
0.312 trillion is not such a big amount of money for American banks.
I looked at interesting facts about naccocortels and how they use unmanned sea drones to deliver their goods to all countries of the world. And this became possible thanks to the Internet from Elon Musk.

Another conspiracy theory that has been spreading on why the Trump family is supporting the cryptospace because the family speculates that there are powerful people in America that are going after the Donald and his family. They also speculate that once he is not anymore the president, these powerful people will go after his bank accounts and freeze them. The cryptospace gives Trump a method to move his family's wealth where the powerful people behind traditional finance cannot touch them hehehehe.

We also should not forget that these powerful people have tried to kill Trump in the assassination attempt when he was in a political campaign in Pennsylvania.  

[zasad@]

@zasad@. On our discussion before about the banks and why they do not like the procrypto agenda of the Donald in America. I speculate that this is one of the reasons why. The banks want to control the flows of money, legal and illegal. The cryptospace is competing against them on this.

If they used stablecoins, the fees on these flows if they went to different DeFi platforms would be very good for liquidity providers' yield hehehehe.



Chinese money launderers appear to have moved some $12 billion3 in illicit transactions through U.S. banks and other financial institutions in recent years to aid Mexican drug cartels and other criminals, the Treasury Department said.

This growing marketplace connecting dirty cash from Mexico’s drug cartels to Chinese expats looking to get their savings out of China is drawing scrutiny from the Trump administration, which wants banks to help crack down.

A Wall Street Journal report earlier this year highlighted how one such network was able to make five- and six-figure deposits at tellers’ windows throughout Los Angeles county.

Chinese money-laundering networks are now the dominant player in an illicit money-services industry that criminal groups like the Jalisco New Generation and Sinaloa cartels use to move profits from drug sales, according to the Treasury.

Read in full https://www.wsj.com/finance/regulation/chinese-money-launders-are-moving-billions-through-u-s-banks-cf617283

Of course, big banks have their reasons for not letting the crypto industry develop, but banks understand perfectly well that if they lag behind progress, they will go bankrupt.
0.312 trillion is not such a big amount of money for American banks.
I looked at interesting facts about naccocortels and how they use unmanned sea drones to deliver their goods to all countries of the world. And this became possible thanks to the Internet from Elon Musk.

Another conspiracy theory that has been spreading on why the Trump family is supporting the cryptospace because the family speculates that there are powerful people in America that are going after the Donald and his family. They also speculate that once he is not anymore the president, these powerful people will go after his bank accounts and freeze them. The cryptospace gives Trump a method to move his family's wealth where the powerful people behind traditional finance cannot touch them hehehehe.

We also should not forget that these powerful people have tried to kill Trump in the assassination attempt when he was in a political campaign in Pennsylvania.  

In politics there is always a struggle for power, in any issue there is a conflict of interests. Trump also threatened to show past presidents and his assistants, but this remained rhetoric.

I think that influential people don't work so dirty.
https://www.msn.com/en-ph/politics/elections/social-media-rife-with-conspiracy-theories-after-16-candidates-die-ahead-of-german-local-elections/ar-AA1LXw8l
"The election supervisor in the western German state of North Rhine-Westphalia has told the media that the authority is aware of 16 candidates dying in the run-up to this month's local elections.
Elections will take place in the state on 14 September and voters will choose district, municipal and city councils, as well as mayors in most cities and district administrators."

[bbc.reporter]

@zasad@. However, the occurrences on those politicians is a different story and I reckon this cannot be compared to the assassination attempt on the Donald. There are certainly very powerful people in America who do not want the Donald to become president, the most powerful political position in the world.

I speculate that because the assassination attempt failed, these powerful people against the Donald will have other attempts to get him. The most effective attack is on a person's bank accounts hehehe.