That rascal Representative French Hill, who lords over the House Committee on Financial Services like a grumpy giant, has given the thumbs-down to interest-bearing stablecoins. Seems Coinbase CEO Brian Armstrong, bless his cotton socks, made a public plea for ’em just yesterday.
Hill, that sly fox, has been a right champion of new stablecoin rules, and the crypto crowd thought his Committee gig was a golden ticket. A victory, they cried! 🎉
French Hill Says “No Way, Jose!” to Interest-Bearing Stablecoins
If there’s one thing muddling the brains of US crypto bigwigs, it’s stablecoin rules. There’s a real buzz building for regulations that’ll make the industry jump for joy. Even President Trump, that orange-tinged wonder, reckons stablecoins will help keep the dollar on top. But hold your horses! Our Frenchie, Representative Hill, has stuck his oar in, saying he’s against stablecoins that pay interest:
“I hear what you’re saying, but I reckon there’s no agreement among the parties or the Houses [of Congress] about these dollar-backed payment stablecoins handing out interest to whoever’s holding ’em,” Hill grumbled to reporters earlier.
Hill’s trying to make it sound like plain common sense, but it’s a right slap in the face for the crypto industry’s power. When Hill got the nod to run the House Committee on Financial Services, the crypto gang thought they’d won the lottery. Plus, he’s been front and center in the stablecoin regulation brawl. So, what’s the pickle? 🥒
Basically, Coinbase’s top dog, Brian Armstrong, went begging to Hill and the other lawmakers about these interest-bearing stablecoins. Just yesterday, Armstrong was all smiles, calling it a “win-win” and a bonanza for consumers and the economy.
“US stablecoin laws should let folks earn interest on stablecoins. The government shouldn’t be twisting arms to help one industry over another. Banks and crypto whizzes alike should both be allowed, and even encouraged, to share the goodies with consumers. It’s only fair,” Armstrong pleaded.
Since Armstrong made this big fuss yesterday, it’s a bit of a shocker that Hill shot down his stablecoin dream so quick. Armstrong, that smooth talker, seems to be getting more influential, what with his star turn at Trump’s Crypto Summit and the SEC dropping their silly lawsuit against Coinbase. 🙄
But here’s a lesson for the US crypto lot: no matter how fast they’re climbing the ladder, they’re still pretty new to most folks. Earlier this year, a whole bunch of Bitcoin Reserve schemes bit the dust in states run by Republicans. Trump might be a crypto fan, but even his supporters have their limits. 🤷
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2025-04-01 23:11