— Mike Dudas (@mdudas) December 2, 2020
this has the OPPOSITE effect
cryptocurrencies LOWER the cost of servicing populations that have historically been excluded from the banking sector. raising costs and compliance obligations forces companies to cut access for unprofitable clientele.
please, no more clowning 🤡 https://t.co/IbjqXJpT4F
— Meltem Demirors (@Melt_Dem) December 2, 2020
4/8 An enormous amount of the innovation brought to the underbanked and small businesses has been driven by non-bank fintech companies (Stripe, Square, PayPal, Circle, Coinbase, Apple, Google and many many others)
— Jeremy Allaire (@jerallaire) December 2, 2020
Oh the purpose of regulations is to give industry players whatever they want?
Yeah we've been here before and done that.
Some people want to act like ignorance of banking history is a principled position.
— Rohan Grey (@rohangrey) December 3, 2020
This is essentially an act to hold SC issuers accountable for their reserves. No more printing money out of thin air. Proof of reserve is required to issue. 1:1 (SC to Dollar as an example)
Tether & other SC's are done
That liquidity will leave and flow into more liquid assets https://t.co/Itfx2l3qDx
— Crypto Mami (@xrp_mami) December 3, 2020