General Discussion

Jack Valentino

(3,166 posts)

14. I have dabbled in cryptocurrency, but I don't understand what this supposedly does

Reply to In It to Win It (Original post)

Tue Jun 17, 2025, 11:15 PM

Jun 17

which would benefit the crypto-currency world....

All I know about "stable-coins" is that they are sometimes used as a medium of exchange,
for the purpose of moving funds between one broker and another,
who may not want to use the US dollar for those purposes, for whatever reason...

I had to convert to one when trying to cash out a position last year, which was held in a "Trustwallet",
but had to be moved to a broker who bought/sold that coin, converted to a stablecoin,
and then transferred to a different broker who would cash out in US dollars to my American bank account.
(and each of those steps cost me a rather hefty commission)...

Anyway, can anyone give me an intelligent answer oh how passage of this bill
would be 'a victory for the crypto-currency world' ?

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Senate passes stablecoin bill, a major victory for the crypto world [View all] In It to Win It Jun 17 OP

Gambling yankee87 Jun 17 #1

Predict the "stablecoin" bail out and when Johonny Jun 17 #2

This bill actually makes it a law that anyone issuing... LudwigPastorius Jun 17 #13

Sage Advice Nictuku Jun 17 #3

Wouldn't this make crypto a legitimate underground currency? no_hypocrisy Jun 17 #4

How many Dems voted for the bill? Fiendish Thingy Jun 17 #5

Here are their names: in2herbs Jun 17 #7

Mm hmph- Money talks Fiendish Thingy Jun 17 #15

This may be why Gallego voted for it AZProgressive Jun 18 #18

OK, now we know Gallego's price Fiendish Thingy Jun 18 #20

They were warned and warned. Passages Jun 17 #6

"He worries that they enable illicit activity by making money transactions less transparent."" pcdb Jun 17 #8

Like when you're procuring sex with children, or buying full-auto rifles, or hiring a hitman . . . . hatrack Jun 17 #10

It is not just your business how money is spent. Passages Jun 18 #16

I think some ForgedCrank Jun 17 #9

Make Tulips Great Again! sakabatou Jun 17 #11

Klepto! oasis Jun 17 #12

I have dabbled in cryptocurrency, but I don't understand what this supposedly does Jack Valentino Jun 17 #14

It's only a matter of time before "2008 the Sequel" happens and now taxpayers are on the hook. Vinca Jun 18 #17

Especially given that this POS bill makes crypto holders whole before the rest of us when banks fail. hatrack Jun 18 #19