Had it succeeded, Diem would have presented two challenges, which were discussed publicly at the time, for the federal government to wrestle with. Libra’s stablecoin would have launched when the U.S. lacked a comprehensive regulatory framework for stablecoins, meaning it would exist in a legal and regulatory gray space. And, while that reality would pose a challenge to the federal government, other stablecoin projects have and will exist in the same regulatory gray space. What was different about Diem was that its regulatory challenge would have been turbocharged by the fact that Facebook’s billions of users would have had access to this sort-of-regulated, sort-of-not-regulated crypto token overnight.
Related posts
-
Blockchain Association Tables 5-Point Crypto Agenda For Trump’s Administration
Crypto advocacy group Blockchain Association has reached out to US President-elect Donald Trump and the newly... -
NFT Fever Cools: Ethereum and Bitcoin NFT Sales Dive Amid Broader Crypto Growth
Non-fungible token (NFT) sales cooled off this week, slipping 9.3% compared to the prior period, even... -
Final Countdown for Crypto All-Stars as $5M+ Presale Enters Last Month Before Exchange Launch
Crypto All-Stars (STARS) has become one of the biggest presale events of 2024. Investors are buzzing...