@BOMBERuss 22 August 2022 more from that month

United Texas CEO Scott Beck recommends limiting the issuance of #stablecoins backed by the US dollar and issued by banks rather than issuers such as #Circle. The head of the banking sector addressed these words to the members of the state working group on blockchain and asked them to recommend such a policy to banks, not crypto firms. Beck referred to the report of the Presidential Working Group on Financial Markets, which states that issuers of stablecoins must meet the same standards as insured depository institutions. This includes banks registered at the state and federal levels. In his opinion, issuers of stablecoins, including Circle, "effectively sucked deposits out of the banking industry," while they themselves stored assets in other organizations. "If such stablecoins are defined as "money", banks are the proper economic entity to issue and manage stablecoins. Banks have the experience and legal #framework to work with money, and, unlike today's issuers, banks are strictly regulated at both the state and federal levels," Beck said. The top manager is convinced that the introduction of stablecoins into the banking sector and the ban on the issuance of stablecoins by non-banking organizations will increase consumer protection and attract additional resources and capital to this new area of economic activity. The president of the Texas #Blockchain Council, Lee Bratcher, reasonably called Beck's proposal violating the principles of competition. #CryptoCurrency #USDT #USDC #TUSD #Stablecoin #crypto #Bank #Market