- NYAG reckons Bitcoin’s like a wandering river mighty enough to challenge the ol’ U.S. Dollar, much to America’s chagrin 😏
- She also tipped her hat to the idea of putting stablecoins on home soil to keep the dollar standing proud
Now, I declare, the New York Attorney General, Miss Letitia James, has made herself quite the fussin’ about. In her letter to Congress, she soundly warned that Bitcoin’s ability to send money across the world faster than a prairie fire might just upset the apple cart of dollar dominance. As if that weren’t enough to tickle your funny bone!
“America ought to guard the prime station of the U.S. dollar for global dealings—a seat which Bitcoin, with its flashlike transfers, dares to eye.”
Miss James is genuinely worried that if Bitcoin becomes a household name, it could well put a hitch in the giddy-up of American interests, not least the fine art of enforcing sanctions. Clearly, she’s got more concerns than a cat at a dog show.
Stablecoin Panacea for the Bitcoin Quandary
In a move that might seem as peculiar as a frog in a hat, she’s urging Congress to consider stablecoins—those steadfast coins backed by U.S. treasury bills and cash, mind you. The idea is to have these issuers answer to U.S. law, so there’s no funny business.
According to our diligent NYAG, letting offshore stablecoin issuers roam free is a recipe for disaster: it’s akin to trusting a snake with a bucket of honey. They might just cook the books, leaving the U.S. treasury and banking system in a right stew. As she so colorfully put it:
“Regulators overseeing stablecoin issuers must see to it that redemption demands don’t unleash a bank run by insisting on a variety of institutions to hold deposits, a spread-out base of deposits, and a hearty sum in capital.”
Yet now and again, the market pundits and the titans of business hint that Bitcoin’s crowning the U.S. Dollar might be as inevitable as a dusty wind. Take Larry Fink, chief at BlackRock, who in an investor report opined:
“If the U.S. can’t get its debt in order and deficits keep ballooning, the global reserve currency might pass its hat to digital assets like Bitcoin.”
Tariff Tiffs Stoke the Crypto Blaze
Meanwhile, Jeff Park over at Bitwise Alpha Strategies quipped that these endless tariff wars could lend Bitcoin an extra spring in its step. As he jests:
“There’s a higher chance Bitcoin will outlast the dollar in our lifetime once the tariff fracas kicks in.”
On the flip side, some sharp-eyed market observers see a glimmer of salvation in the U.S. stablecoin push—a boon for tokens like RLUSD. Stablecoins, being tied 1:1 to reliable reserves such as the U.S. Dollar or even gold, might just be the sturdy raft needed in these turbulent financial rapids 😄.
In fact, with the market forecast to balloon from a trifling $230 billion to a whopping $2.8 trillion by 2028, these coins could well be the cavalry needed to bolster the dollar’s reins of global power.
Consequently, the U.S. House and Senate have put forward two stablecoin bills from their respective panels, all in the hope of shedding light on this murky affair.
Read More
- EUR CNY PREDICTION
- IP PREDICTION. IP cryptocurrency
- MUBARAK PREDICTION. MUBARAK cryptocurrency
- RUNE PREDICTION. RUNE cryptocurrency
- USD THB PREDICTION
- GPS PREDICTION. GPS cryptocurrency
- USD MXN PREDICTION
- USD ZAR PREDICTION
- USD PHP PREDICTION
- ZANO PREDICTION. ZANO cryptocurrency
2025-04-11 20:11