WATCH: The Senate Stablecoin Hearing Proves That Democrats Hate Innovation

Democrats continue to stand against the interests of The American people….

We recently reported on how Melania Trump was getting in on the revolutionary and innovative market of NFTs, and it seems like everyone on the conservative/libertarian spectrum is getting in on the action.

However, Democrats continue to be a thorn in the side of innovation, and nothing proves it more than the recent grandstanding by Democrats on the issue of stablecoins.

Stablecoins are digital currencies meant to act as a bridge between native fiat currencies and other crypto assets by keeping their value pretty much pegged to the currency they aim to be a stabilizing bridge for.

You can watch the entire hearing below, and make sure to take the time to investigate the other reports presented:

Stablecoins trap people’s money with fine print and create dangers for our economy.

To safeguard Americans' savings and our entire economy, we have to address the risks of stablecoin.

Tomorrow at 10:15 AM, tune in to hear more: pic.twitter.com/AeeBYmJSa9

— Senate Banking and Housing Democrats (@SenateBanking) December 13, 2021

Coin Telegraph writes:

Senator Brown let loose with his opening statement, bringing to life a ghost of the Great Depression: “These tokens can crash, with crypto markets diving by almost 30% in one day. History tells us we should be concerned when any investment becomes so untethered from reality. Look at the 1929 stock market crash.”

Brown once again manifested his hawkish approach when he observed that even in the absence of joint action by both chambers of Congress, there is a range of regulators who are already sharpening their tools to preside over stablecoins — from the Securities and Exchange Commission to the Federal Reserve and the Treasury Department.

 

https://twitter.com/alaye_rani/status/1471128316358717440

.@SenWarren says stablecoins have no regulators and are "propping up one of the shadiest parts of the crypto world."

CoinDesk's @nikhileshde says her concerns were shared among lawmakers at the Senate Banking Committee hearing.

Presented by @NexoFinance: https://t.co/5EJD0Da64l pic.twitter.com/iHdC8Qf9V9

— CoinDesk (@CoinDesk) December 16, 2021

The questioning isn't what struck me most. But on the whole I'd say that the Republican side was more reasonable there as well, if only because one or two Democrats were so unreasonably hostile to stablecoins.

— George Selgin (@GeorgeSelgin) December 14, 2021

The Block Crypto provided further insight into the hearing:

Tuesday morning, Toomey released general principles for stablecoin regulation centered around the opposite notion: “Stablecoin issuance should not be limited to insured depository institutions.”

Instead, the developing Republican vision seems to be a multi-pronged regime for stablecoins operating under different business models.

It was a vision that appealed to, for example, Dante Disparte. Disparte is the chief strategy officer and head of global policy for Circle, which issues USDC and is already working to get a banking license.

If you’d like more news on crypto, please follow ProCoinNews on Facebook here: https://www.facebook.com/Pro-Coin-News-com-109925094716159