Politicians panicking over PayPal’s stablecoin launch, here's why

It appears that someone needs to seriously school these people on why crypto is a huge success and why it will continue to expand despite all regulatory efforts to shut it down or even to control it. This will not work because a lot of laws and rights will need to be tampered with.

People will just keep creating new currencies and assets, many have already realized how much of power it gives a business and individuals, the enablement to build and scale is just one of the key benefits of tokenized businesses, this isn't something that will be phased out easily, there will be no regulatory clarity as the call it because there's really nothing to clarify or regulate ultimately, you know why?

Crypto is a gamble, just like many things in life, people moving into it understand the risk and reward, screw the system over a thousand times and new structures will keep emerging with better structural make ups to escape your influence, why?

Stability and security were the promised financial obligations of the system - and it failed!

Aren't you just tired of hearing these crap talks about stability and financial security bla bla bla, they really make of us dummies to think we still believe in that horseshit, yeah sure, I should have my faith in the federal reserve to save me from financial ruins even whilst clearly being run over by inflation caused deliberately by its actions, really?

Or how about the so-called securities and exchange commission(SEC) chasing suit settlement fees in expense of investors losing a hell lot of many whilst preaching to be protecting them, dude, you just potentially rekt an entire village, went away with millions, get into your little rooms and have the guts to turn on your cams to let nonsense escape that hole on your face that seems to be doing the job of an anus - letting out shits.

Now PayPal is the next emotional train

Rep. Maxine Waters (D-Calif.) released a statement Wednesday saying she’s “deeply concerned that PayPal has chosen to launch its own stablecoin while there is still no Federal framework for regulation, oversight, and enforcement of these assets.”

Waters, the top Democrat on the House Financial Service Committee, noted that PayPal has 435 million customers around the world, more than the number of online accounts of all the largest banks combined.

“Given PayPal’s size and reach, Federal oversight and enforcement of its stablecoin operations is essential in order to guarantee consumer protections and alleviate financial stability concerns,” Waters wrote. - Coindesk

One thing you must note here is the mention of PayPal’s user base, which is global.

Even whilst being a public company, launching a stablecoin on the blockchain puts the system at an emotional imbalance, its significant we understand what is going on here:

Easy cross-country value transfer isn't something the government loves, if you pay attention, you'd realize that companies with a global reach are more heavily regulated because the government wants ultimate oversight and dealing with a global audience can be tasky.

As such, the rise of crypto assets and use of blockchain for financial operations puts the system in a position to lose that ultimate oversight. No matter how hard they try, the data will never be completely accurate, this long piece of report by European Central Bank highlights these issues.

So when a company as big as PayPal joins the trend as "staying in business" demands embracing new technologies, these politicians freak out because they know their pay comes from exploiting our finances and how can they maximally do that if millions move to decentralized finance?

Not that PayPal is building one by the way!

But the exposure PayPal brings to people not previously involved with things like stablecoins is what inevitably leads to increased DeFi users and builders.

Posted Using LeoFinance Alpha