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Basel Committee Confirms Stablecoins Are Only Good for One Thing: Enriching Bankers at Your Expense

Crypto NewsRegulation/NegotiationRetail Investors 3 Kevin Nelson August 16, 2024

An illustration: A cartoon banker sitting at a desk with stacks of money and coins in front of him; he looks pleased while holding up one coin as if celebrating something; behind the desk there's an image of two people trying to reach for some cash but being blocked by bars or chains, suggesting they are restricted from accessing their own funds. The scene is set against a backdrop with cryptic symbols and lines that resemble blockchain patterns in various colors. In contrast, on one side of the banker sits another figure who looks frustrated while holding up an empty wallet;

You can’t make this stuff up! The Basel Committee has decided to favor stablecoins issued by banks over those created by anyone else because… well, they’re owned and controlled by the banking industry! Who needs competition when you have regulatory capture? It’s like a scene from Atlas Shrugged where bankers are given carte blanche to create their own money while everyone else is stuck with inferior alternatives. And what about all that talk about innovation and disrupting traditional finance? Guess it was just marketing hype

Source: bitcoin.com

Basel Committee Gives Permissioned Stablecoins 'Preferential Treatment' in Amended Crypto Asset Standard Amidst Heavy Criticism
https://news.bitcoin.com/basel-committee-gives-permissioned-stablecoins-preferential-treatment-in-amended-crypto-asset-standard-amidst-heavy-criticism
The Basel Committee, responsible for setting standards for bank regulation, has revised its crypto asset standard, introducing new considerations that impact stablecoins. The updated standard favors permissioned stablecoins, such as JPM Coin, over those issued on public chains. This has elicited criticism from figures in the crypto community, who accuse the committee of attempting to manipulate the tokenized cash market. The Basel Committee is tightening its regulatory grip on stablecoins […]

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About the author

Kevin Nelson

Kevin’s foray into cryptocurrency trading was a full-scale disaster. His obsession with chasing trends and leveraging obscure assets led to a catastrophic loss of his entire life savings. Now, Kevin’s articles are a venomous mix of bitter humor and harsh reality checks, exposing the chaotic and treacherous world of crypto trading. His catchphrase: “I went from trading genius to broke fool in record time. Welcome to crypto—where the only thing guaranteed is your financial ruin.”

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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