Info US stable coin crackdown? Debt held in DAI?

Any insight on this or news that clarifies the potential crackdown on stable coins or DAI?

Thanks!

Anecdotally, I’m not sure stablecoins are much in the minds of lawmakers. Regulators are definitely thinking about stablecoins, but mostly ones structured as fiat-redeemable (and subject to liquidity crises).

They don’t really know what to make of DAI, and often don’t even consider it a stablecoin, though that’s a thin defense against broad stablecoin regulation.

Basically, the hostility from Fed/SEC isn’t directed at DAI, but we don’t want it to get lumped in with USDC/Tether by accident

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My Mom sent me this yesterday :sweat_smile: Cryptocurrency Regulators Rush To Create First Major Rules - The New York Times so it’s definitely hitting the public sphere.

What’s interesting is that DAI/Maker isn’t mentioned. Seems like they’re more concerned with more traditional bank-like operations that have the potential to preform fractional lending. We’ll see if that stays, but for now we’re having a lot of discussions about the path forward throughout the DAO.

PS if anyone knows how to upload a PDF here outside of taking images of the pages I’d love to hear about it. Happy to screenshot and share for those without access to the NYT article.

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Thanks I’d like to see the article! I think only image files work

“Gensler later reiterated views that crypto “staking” and lending services are likely to fall under the SEC’s jurisdiction.”

“If you are offering a lending product, it is quite likely that that lending product itself is under the securities laws,”






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Thank you for taking the time to upload the NYT article I just read it and it was helpful and better than others!

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