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Tether is going to claim they are no longer a stable coin, just a speculative cryptocurrency that is organically pegged to the USD using *INSERT MAGIC ALGORITHM HERE* and therefore do not need a banking charter.

Somehow this will work.

I think this is just noise bud

Makes me wonder over how many active accounts the circulating USDT supply is distributed within Ethereum. I mean I’m not touching that shit.

Good.

They can't stop stablecoins.

They can't regulate stablecoin issuance by entities outside of the United States.

They can, very much, regulate US companies who issue stablecoins at scale.

The latter, in the most optimistic manner, is actually healthy.

In theory, more people around the world holding USD, in some form, and using it to transact with merchants is good for the dollar, and for the United States. Stablecoins enable that exceptionally well. So I don't immediately view this as regulation attempting to ban stablecoins.

And, if people around the world know those coins are backed by actual dollars, that's not an inherently bad thing.

The government can still print USD to its heart's content and practice all sorts of financial easing.

They just want to be the one printing the dollars, and not Tether.

Of course, there are always side effects to regulation, so it wouldn't be all good. But making sure Facebook has an actual bucket of USD backing Libra prior to launch is not wildly off base and may do much more good than harm over time.

This is what happens when people vote for big government instead of libertarian style small government.

Congratulations America.

"PrOtEcTiNg CoNsUmErS!" My ass what a crock of shit.

If they want to let Americans go into eye-popping debt or pay day loans. No problems there. But use a currency outside their control? Whoa there you're in need of some swift protection.

Honestly, stablecoins backed by off-chain reserves probably should be regulated to make sure the reserves are adequate.

Stablecoins backed by on-chain assets like ETH are another matter. I'm pretty curious whether they bothered to make the distinction.

Imagine the following scenario:

US Govt. mandates freeze of all transfers of USDC. The companies oblige. Now any usdc sitting in a smart contract is gone. Funds are lost forever. Users that do still hold USDC and haven’t tried to trade away before such a freeze happens will be forced to KYC to redeem.

DAI is backed ~40% by usdc. Surely such an action would cause some troubles?

i don't really know how this will end. for day traders i will love to inform you about an options trading competition i joined yesterday. that's u/level01io can join it, you trade with demo coins and win real coins.

you can tell what good news this is because the cryptids are fucking shitting about it

Main proponent is Rohan Grey. Today his Twitter is answering the question "what were they thinking" at tedious length to the dumb questions of upset butters, as he explains in small words how issuing currency notes or tokens that you say are money because they're backed by a reserve is a banking activity.

Awesome news. We only need one stablecoin and it’s there aka Bitcoin

Time for armed eth satelites

Funny how these twats only care about protecting Americans financial interests when it helps solidify control to the people who repeatedly fuck over Americans and their financial interests.

​

When was the last time Dai created a global recession and crashed the housing market?

Full text:

Tlaib, García and Lynch Introduce Legislation Protecting Consumers from Cryptocurrency-Related Financial Threats December 2, 2020 Press Release

WASHINGTON—This week, Congresswoman Rashida Tlaib (MI-13), along with Congressmen Jesús “Chuy” García (IL-04) and Chairman of Task Force on Financial Technology Rep. Stephen Lynch (MA-08), introduced the Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act, which would protect consumers from the risks posed by emerging digital payment instruments, such as Facebook’s Libra and other Stablecoins currently offered in the market, by regulating their issuance and related commercial activities. Digital currencies, whose value is permanently pegged to or stabilized against a conventional currency like the dollar, pose new regulatory challenges while also represent a growing source of the market, liquidity, and credit risk.

The STABLE Act would remedy some of those challenges at a time when the COVID-19 Pandemic has exposed numerous barriers to accessing and utilizing mainstream financial institutions, leaving many to look to the financial technology sector to meet the financial servicing needs of low- and moderate-income (LMI) consumers for everything from faster direct payments, access to loans, and even access to bank accounts. LMI consumer vulnerabilities could be exploited and obscured by bad actors looking to issue stablecoins, like other shadow money issuers in the past. For Tlaib, García, and Lynch, that threat coupled with the financial strains posed by the ongoing pandemic requires urgent action, including passage of the STABLE Act that would:

• Require any prospective issuer of a stablecoin to obtain a banking charter;
• Require that any company offering stablecoin services must follow the appropriate banking regulations under the existing regulatory jurisdictions;
• Require that any company or bank issuing a stablecoin to notify and obtain approval from the Fed, the FDIC, and the appropriate banking agency 6 months prior to its issuance and maintain an ongoing analysis of potential systemic impacts and risks;
• And require that any stablecoin issuers obtain FDIC insurance or otherwise maintain reserves at the Federal Reserve to ensure that all stablecoins can be readily converted into United States dollars, on demand.

“Getting ahead of the curve on preventing cryptocurrency providers from repeating the crimes against low- and moderate-income residents of color that traditional big banks have is—and has been—critically important,” Congresswoman Tlaib said. “From the OCC to the Federal Reserve to those peddling stablecoins, the protections the STABLE Act would make possible are more needed than ever amid a pandemic that will breed riskier financial decisions out of necessity because our federal government continues to fail us all by not providing adequate relief legislation. I thank Congressman García and Chairman Lynch for co-leading this important effort to see these protections made a reality.”

“Working class communities like mine in Chicago already face tremendous barriers to accessing financial services and credit. The Trump administration’s deregulation of our financial system has opened the door for tech companies to consolidate their power by preying on people of color with products that promise inclusion but only undermine our banking system,” said Congressman Jesús “Chuy” García. “That’s why I’m proud to introduce the STABLE Act with Reps. Tlaib and Lynch to ensure that new financial tools like stablecoins have proper oversight and protections. Congress must ensure that new financial technologies and payment tools do not prey on vulnerable users. The STABLE Act does just that--it embraces innovation while also protecting consumers.”

“The STABLE Act is a concrete step toward protecting Americans’ finances and ensuring safety and soundness in financial institutions,” Rep. Lynch said. “Stablecoins present a new and innovative way for consumers to use their money and I believe this technology can be used to make financial transactions more efficient while potentially increasing financial inclusion. However, adopting new technology has its risks and I give great credit to my colleague, Rep. Rashida Tlaib, for recognizing and addressing the need for appropriate consumer protections. In the STABLE Act Rep. Tlaib ensures that our financial regulators have the necessary tools to protect consumers. We cannot outsource the issuance of American currency to private entities and the STABLE Act guarantees that our regulators will be able to effectively oversee the application of this new technology.”

Facebook has attempted to take advantage of the financial exclusion and gap in the market—just one of the actors that have pursued issuing stablecoins by pegging them to a basket of major conventional currencies. JP Morgan, Apple, and Paypal/Venmo have also considered issue their own stablecoin variants that also have the potential to take advantage of unbanked and underbanked communities. Many of these stablecoins inherently represent a promise that, without regulations, there is potential for disparate impact, “predatory inclusion,” “digital redlining,” and the “color of surveillance,” as consumer advocates have warned.

Some of the foremost consumer advocacy organizations, including The Public Money Action, The Law and Political Economy (LPE) Project, Consumer Reports and Americans for Financial Reform, have endorsed the STABLE Act.

“The STABLE Act is a forward-looking bill that embraces digital payments innovation, while simultaneously ensuring that the our money remains safe, secure, and properly regulated,” Willamette University College of Law Assistant Professor Rohan Grey said.

"By extending federal banking regulation and consumer protections to cover new forms of ‘deposits’, the STABLE Act addresses the growth of ‘shadow payments’ and ‘shadow banking’—forms of financial activity that merit robust, preventative, and comprehensive regulation regardless of their specific legal and technological design,” Public Money Action Director and Yale Law School Associate Research Scholar Raúl Carrillo said. “Even more importantly, the STABLE Act shuts the door on Big Tech companies like Facebook that are trying to enter the banking space without following the appropriate rules or conducting business on a level playing field."

"The STABLE Act establishes appropriate oversight of issuers of stable coins," said Consumer Reports Manager of Financial Policy Christina Tetreault said. "It's an important step in establishing coherent federal oversight, supervision and regulation of digital financial instruments."

"Tech companies are promoting unregulated ‘stablecoins’ that compete with the U.S. dollar and regulated banks by promising customers they can't lose money on their investments,” Americans for Financial Reform Policy Director Marcus Stanley said. “These stablecoins are insured deposits in all but name. The STABLE Act would bring an end to this evasion by ensuring that companies that guarantee customer deposits are properly regulated as insured depository banks.”

“This is the first comprehensive attempt to offer regulatory clarity for the defense of the U.S. dollar in digital form, and places America among other world countries as a leader in digital assets.” said Value Technology Foundation President and CEO Jason Brett.

Tlaib and Lynch previously led a letter cosigned by García to the Acting Comptroller of the Currency (OCC) Brian Brooks blasting the bureau’s unilateral actions in the digital financial activities space, including interpretive letters on cryptocurrency custody, stablecoins, and its announced plans to start offering special purpose ‘payments’ charters, without protecting the financial system and consumers from the related increase in systemic risk.

A one-pager on the STABLE Act can be found here (link on page).

But stable coins are decentralized like Dai, how they can stop it ? Like China govt making citizens illegal to hold any stable coins ?

Smiles in dai.

“Booooo. Boooooo Wendy Testaburger, Boooooo”

Stablecoins are for pussies

rEGulAtIoN is GoOd guYS

It’s trash. Nothing stopping people from using xchf or another fiatcoin

The senator wants them to get a banking licence ? LOL. GOOD LUCK GETTING DAI TO HAVE A 'LICENCE' .. LOL.

Good luck on stopping DAI.

Submission statement A bill is presented that among other things requires approval six months ahead of time to issue stablecoins from the Federal reserve. All entities issue stablecoins will also have to follow similar or the same regulations that a bank would follow. Truly appears the camel is attempting to get its nose inside the tent on this one.

Repost

Anyone else not surprised to see it’s the far Left democrats wanting to control how we use our money?

to protect the children

As long as tether dies I’m happy

so if this passes, (probably not), what will happen to current stable coin in circulation? What if you have GUSD or whatever on an exchange? Are you holding "illegal assets". Will Gemini or whomever kill it and make it worthless?

The DAI case is gonna be big if this bill were to pass. Will they go after CDP owners? Maker? Will it be deemed impossible to enforce?

Regulatory bodies are not our enemies unless we make them. If we want crypto to survive, we have to play their game and change the system over time. This bill sounds like it won't achieve its goal and only harm networks, so we should be vocal in a way that doesn't make us sound crazy and lose credibility with lawmakers. Yes our objective is to revolutionize the banking industry, but we don't want to demonize the people who are holding the keys to the door. Remember, all it takes is one ban on exchanges to make it harder to adopt. Play smart. I think Cardano understands that getting along with regulatory bodies is key to our future survival.

I read that Facebook might have contributed to this bill to keep competition out. FB would be able to afford the compliance - others not. Market share win for Libra/Diem.

As it currently stands to be a stable coin issuer or you have to be either a trust company, have a trust company backing an issue in your stable coin and holding the Fiat, and you have to have a money transmitter license in every state in which you do business. A State Bank charter still only allows you to hold the Fiat in that state and you have to get a money transmitter license in every other state. A federal bank charter is actually the only existing legal way in order to legally have stable coins. So they're not actually asking for anything that doesn't already exist. Am crypto lawyer, currently actively working on issuing two legitimate legal stable coins for companies. Teach class at law school on crypto and financial institutions.

Sounds like a bill a terrorist would write up

I think that is not necessarily bad. Look at Tether. There should be some kind of regulation on stable coins. But approval from FED? LOL. The only one they will approve will be their CBDC

Crazy bill. Suggesting that nodes can be liable for the blocks they publish?

That is exactly the attitude of EU lawmakers with their new laws wanting to make websites like facebook and youtube liable for the content that their users upload. It's absurd.

So, if a filecoin user has illegal content, does that make all nodes liable for that too?! madness.

I am not against regulation of the stablecoin industry, it does need it and will happen, but this kind of bill is not the way. They should be making NEW charters for crypto, not applying legacy banking rules to it.

Couldn't Bill keep to focus on putting nanochips into humans? /s

This is where I probably make myself look stupid but what the flying fuck does race have to do with this law?????

They say that it is to protect people of colour..... Wtf so white people are so much better than everyone else that they don't need protecting? Why did race even have to be brought up in this bill???

Please these are genuine questions. Perhaps there is some history here that someone can explain to me.

Money is might and might is money. The people currently controlling money fear they will loose their might. That's why they come up with this not because of "low- and moderate-income residents of color".

So hopefully this bill will never be adopted. If it will, as by experience, the US will enforce it on all individuals and companies, independent of their relations or none relations to the USA.

Then the question will be if DAOs like Maker can continue to operate even if this violates this law.

Good luck enforcing it

Fuck me

Submission statement: this legislation, ostensibly directed at stablecoin issuers, could have wide-ranging effects on the chains themselves.

The primary architect of the law has already said that nodes acting on the contracts could be subject to liability.

Given that Cardano is constructed to be decentralized, but only have a few (1000-2000) PoS nodes, this could be an issue. Any which are located in the US would potentially be covered. Also, due to the unique nature of Cardano nodes, they may be relatively easy to find by motivated regulators.

And there justification is... racism

“Getting ahead of the curve on preventing cryptocurrency providers from repeating the crimes against low- and moderate-income residents of color that traditional big banks have is—and has been—critically important,”

https://tlaib.house.gov/media/press-releases/tlaib-garcia-and-lynch-stableact

Blur her face plz thx

Dear lord that’s an unattractive woman

The fed is scared of cryptocurrencies, and this is their attempt to retain power as stable coins and bitcoin threaten. This bill would do the furthest thing from aid the underbanked. This allow bankers to continue to take advantage of others and line their own pockets. It will do the exact OPPOSITE of everything it claims. Rashida Tlaib is a fool

Overall it makes sense the FED would want some oversight on such instruments since things like USDC are just an abstraction of the US Dollar to collateralize an ERC20 token. Coinbase and others would be made to hold a reserve account with the FED like any other bank under these meta-Dollars. Its not much of a stretch since exchanges like Coinbase are already functionally a bank already.

It is interesting however that clearly the incumbent monetary system isn't fighting this technology anymore and are in their own ways adopting it. I can see a situation where every bank issues their own Dollar stablecoins that bypass the nighmarish maze of proprietary, ancient systems like Swift and ACH, coming to totally replace the old Dollar standard completely eventually.

I wish them good luck regulating algorithmic stables like Dai though.

wont work for DAI or USDT lol

And guess who would benefit most from this type of regulation. Facebook is in a great position to get a charter and has plenty of money to back their own currency. Facebook probably wrote this bill.

What’s the argument as to why?

For someone who loves reading technical write ups like this, is there a guide on how to get to a point where I’m doing this kind of work full time? I work as a software engineer and do RE challenges in my down time but would love to get to a point like this - developing and researching hardware/middleware exploits. Is it just as simple “keep learning till you get noticed?”

Now this is an exploit writeup!

it sai odyC so dous taht meen c00lst4r???

we gunna hak coalstaur wit dis? 😂

Bruh is this real

Tech Enthusiasts vs Software engineer vs Security Professionals

Good lord, this is excellent work.

The second research paper from the SEEMOO labs team demonstrated an attack to enable AWDL using Bluetooth low energy advertisements to force arbitrary devices in radio proximity to enable their AWDL interfaces for Airdrop. SEEMOO didn't publish their code for this attack so I decided to recreate it myself.

This can likely be used to exfiltrate data. I understand now why people leave their phones home when they go to Defcon.

The title really doesn't convey the Herculean efforts of the author in figuring this all out. It was literally months of finding multiple exploits, chaining them together, and improving them, to get to the endgame.

The term "hacker" is thrown around way too easily today, but the author is a real hacker in the true sense of the word, and I salute him and bow before his abilities.

Does Apple pay Google for finding these exploits?

I'm not even half way yet, I'm like a quarter of the way in, but i love the 'By the way, here is what i though must be a bug but is actually an unfixed memory leak I encountered while figuring out where to drop the payload'

It's almost perfect apart from one crucial point; how can we free these allocations?

Through static reversing I couldn't find how these allocations would be free'd, so I wrote a dtrace script to help me find when those exact kalloc allocations were free'd. Running this dtrace script then running a test AWDL client sending SRDs I saw the allocation but never the free. Even disabling the AWDL interface, which should clean up most of the outstanding AWDL state, doesn't cause the allocation to be freed.

This is possibly a bug in my dtrace script, but there's another theory: I wrote another test client which allocated a huge number of SRDs. This allocated a substantial amount of memory, enough to be visible using zprint. And indeed, running that test client repeatedly then running zprint you can observe the inuse count of the target zone getting larger and larger. Disabling AWDL doesn't help, neither does waiting overnight. This looks like a pretty trivial memory leak.

Yet another reason to remain firmly planted at home

the first sentence on the website:

NOTE: This specific issue was fixed before the launch of Privacy-Preserving Contact Tracing in iOS 13.5 in May 2020.

"Exploits are the closest thing to "magic spells" we experience in the real world: Construct the right incantation, gain remote control over device."

This quote stood out to me, great stuff all around.

wow interesting

Looks like Ian’s been busy!

Just disable Airdrop and this hack doesn't work

Excellent write if you ask me! Loved reading this

Not sure why its still on pending moderation!

I wish I understood anything of this article. Great job!

1 step closer to the watch dogs universe

NOTE: This specific issue was fixed before the launch of Privacy-Preserving Contact Tracing in iOS 13.5 in May 2020.

In this demo I remotely trigger an unauthenticated kernel memory corruption vulnerability which causes all iOS devices in radio-proximity to reboot, with no user interaction. Over the next 30'000 words I'll cover the entire process to go from this basic demo to successfully exploiting this vulnerability in order to run arbitrary code on any nearby iOS device and steal all the user data

Fuckit, im getting a PinePhone.

Does anyone know a place where i can read about microcontrollers in the same detail, like what happens when a stm32 or for example 8086 processor boots up? In the utmost detail, all the instructions it executes and peripherals it uses. Truly touched

This would be so much fun

Whoever wrote this or the team behind this, i love you all, i tried my best to decipher whats written, despite my electronics bckgd, i got almost nothing, it makes me realize that people who work really hard ultimately reach that point they wish, i will be keeping a printed copy of 'this' in my back pack and just toss around some pages when i feel i dont wanna study or something. You truly have been an inspiration sir.

I don't get it. Coinbase ATH of Bitcoin says 19889 but it didn't get past that point. How?

Moved to megathread: https://www.reddit.com/r/CryptoCurrency/comments/k3z5k2/megathread_bitcoin_btc_hits_all_time_high_against/

I move that we deem this Cypher Monday.

Or Hyper Monday. It must be commemorated.

didn't think I would be emotional on a day like this.

feelsgoodman.jpg

Next destination is?

Congrats to all the hodlers, it's been an honor, truly a historic day!

I think we are going to spend some time in this range. Lots of people want off the train and the break even point was their exit. Mine is my cold hard death. Nobody is taking my crypto from me. And I will continue investing 1-5% of my paycheck into it.

I also started growing some of my own food, and all money I save doing that is guilt free crypto money. Same thing if I say, don't buy beer for the week and instead just drink tea. Thats another 50 bucks for crypto - guilt free because that money was gone if I bought beer with it. When you invest in it this way, it makes it less emotional. I would rather it not go to zero, but if it did, the only thing I lost was a few pounds of beer weight because I'm healthier now.

So that's my plan. Stop trying to play the market - which is based 90% on emotion. And just buy and hold, with guilt free money that I saved by making other cuts in my life, or taking on an extra shift or side hustle gig, etc.

I think we hover around 20k for a while until anyone who wants off the train gets off, and they are replaced by people who are now buying into their ground floor and are holding long. Every day that goes by, the floor gets more and more solid. Even if we pull back and people panic sell, there is someone else on the other side of that trade who is buying. Even if 80% of those buyers eventually sell, but 20% are holding long, then every trade that goes by, more and more people are holders ajd less and less becomes available to the late comers.

And every time the governments drop trillion dollar bailouts or stimulus packages, the use case just gets that much stronger. When you zoom out to a 5, 10, 20 year timescale or longer, no buy made today will look like a mistake. The only mistakes will be those who didn't hold any, or those who got scared.

HODL was made to be seen as a meme by the weak hands of 2018. HODL is the only longterm strategy that works and has been battle tested and holds true.

Listening to “star man” right now on repeat lmao

hahahahahahahaha!

bwahahahahahaha!

that is all.

Fucking hell guys I'm getting emotional, for real.

I just have one thing to say, the pain was worth it.

Onwards!

I just have one thing to say, the pain was worth it.

Onwards!

We're going to continue to see a lot of growth, both driven from the institutional side and the appeal to new adopters. I'm interested to see what happens to Ethereum in the coming weeks with ETH 2.0 rollout starting tomorrow officially. Good luck to everyone!

This makes the pain of 2018 / 2019 worth going through.

Congrats to all.

Now let's make $20K a new floor when we get there.

Let's goo buy and push to 20k

What a Crazy year

How I feel right now...

$BTC: New Bitcoin ATH on a few exchanges

K̵r̵a̵k̵e̵n̵ ̵-̵ ̵$̵1̵9̵,̵6̵6̵0̵ ̵B̵i̵t̵s̵t̵a̵m̵p̵ ̵-̵ ̵$̵1̵9̵,̵6̵6̵6̵ ̵B̵i̵n̵a̵n̵c̵e̵ ̵-̵ ̵$̵1̵9̵,̵7̵9̵8̵

Up next: Coinbase - $19,891 Bitfinex - $19,981 Gemini - $19,999 Bitmex - $20,093

FIRST. Here we go baby. I'll try not to get emotional but a lot of us have been waiting for this.

Might be a while ... They’re all salty

Well, Crypto exchange is technically a bank as they just received bank status. But I think other traditional bank will be next.

Facebook Nova

All the people in the big names own bitcoin. When it comes down to it we are all single people with keys. Funny thing is I know these big names mean nothing to bitcoin. They know it and some of them want it gone it messes with the way they run things.

​

​

stack sats.

Buffett will likely buy a mining company to indirectly be involved with BTC. Like he did with gold.

I was sure microsoft accepted bitcoin at one point, too lazy to find the link

BoA is partnered with Ripple

Goldman Sachs Asset Management

Banks

I’d say Buffett is already in.

this was just posted

Government officials that violate their own orders should be tied to a post and given one whack with a bamboo pole by each of their constituents. In the event they survive the ordeal, they'll probably never do something so hypocritical again.

Lol this is getting out of hand

Wish I could say I was surprised. But, it's Austin.

Fortunately, Mayor Steve “The D-Bag” Adler is on his second and last term. He and the Denver mayor should go on a cruise together.

Tell that to my crypto wallet

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There is a discussion on Hacker News, but feel free to comment here as well.

Makes sense. Only a handful of exchanges have OTC desks big enough to make that trade possible.

They did it OTC or what? Cuz coinbase wouldve probably taken like $10mil in fees just to do that tbh lol

Why ? To reduce the block size limit ? Come on ... it is not needed. There is no real innovation ongoing. You know, because they don't want more hardforks.