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254 sats \ 4 replies \ @Undisciplined 2 Apr \ on: Armstrong- Congress should allow stablecoin companies to pay users interest econ
It's so ridiculous that we're even in a place where Congress has to allow something like this.
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Where is the constitutional authority to prohibit voluntary associations between people?
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Issue is it isn't an association its design is to represent the dollar. If they had it represent anything else your right but since it is supposed to rep the dollar its under Congressional authority.
I look at it like if I make a bunch of fake dollars and my friends and I use them legally the Secrete Service could arrest me. The reason is that if that fake dollar fell out of our circle of friends and another party gained access to it ad tried to use it we have a huge issue.
Again if they didn't claim it would be dollar for dollar backed by USD that's once thing but that's what they do so Congressional oversight for issueance of money
Its Article I, Section 8, Clause 5if you were wondering
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It should only matter if they are actually claiming them to be actual dollars. Otherwise, it's just a private organization selling something with a promise that the value will track the dollar's.
I maintain it to be overreaching baloney that's unbefitting a free people.
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