Four U.S. congressional representatives introduced the "Electronic Currency And Secure Hardware Act" (ECASH Act); this bill would mandate the Treasury Secretary to develop and deploy an electronic version of the U.S. dollar in a pilot program; as specified, e-cash must work with existing payment systems and allow for peer-to-peer offline transactions - Thoughts? #Crypto 

https://lynch.house.gov/press-releases?ID=5A0DA9DE-8884-4E06-AC0A-BCA08850F05E

Rep. Lynch Introduces Legislation to Develop Electronic Version of U.S. Dollar

Crypto

Four U.S. congressional representatives introduced the "Electronic Currency And Secure Hardware Act" (ECASH Act); this bill would mandate the Treasury Secretary to develop and deploy an electronic version of the U.S. dollar in a pilot program; as specified, e-cash must work with existing payment systems and allow for peer-to-peer offline transactions - Thoughts? #Crypto   https://lynch.house.gov/press-releases?ID=5A0DA9DE-8884-4E06-AC0A-BCA08850F05E

Jerome Cody

Good thing for the larger players, bad for newcomers.  Pay to play

More regulation incoming.  A good thing? Two U.S. lawmakers have introduced the “Stablecoin Transparency Act”; if it becomes law, stablecoins would need to be fully backed by a combination of U.S. dollars and government securities with maturities less than 12 months; stablecoin issuers would need to regularly publish audited reports

https://decrypt.co/96587/proposed-bill-would-require-stablecoins-backed-dollars-government-securities

More regulation incoming.  A good thing? Two U.S. lawmakers have introduced the “Stablecoin Transparency Act”; if it becomes law, stablecoins would need to be fully backed by a combination of U.S. dollars and government securities with maturities less than 12 months; stablecoin issuers would need to regularly publish audited reports  https://decrypt.co/96587/proposed-bill-would-require-stablecoins-backed-dollars-government-securities

Representative Trey Hollingsworth and Senator Bill Hagerty have introduced the Stablecoin Transparency Act.

Proposed Bill Would Require Stablecoins to Be Backed by Dollars, Government Securities - Decrypt

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Sam Mendoza

Besides recording the digital tokens they hold in custody for customers as assets and their obligation to the customers as liabilities, these rules could thus have a substantial effect on how much capital crypto companies can pump into other startups.

https://www.wsj.com/articles/sec-tells-exchanges-to-treat-customer-crypto-holdings-as-liabilities-11648743902

Besides recording the digital tokens they hold in custody for customers as assets and their obligation to the customers as liabilities, these rules could thus have a substantial effect on how much capital crypto companies can pump into other startups.  https://www.wsj.com/articles/sec-tells-exchanges-to-treat-customer-crypto-holdings-as-liabilities-11648743902

Staff guidance aims to create consistency in accounting for crypto assets held by trading platforms.

SEC Tells Exchanges to Treat Customer Crypto Holdings as Liabilities

Generally I think Janet Yellen is well competent, but what’s your confidence she can dev & deploy Ecash?

Jerome Cody

A group of likeminded people in Crypto are talking about this.