Clock is ticking: the walls are closing in on the $2.8tr crypto market

The rush to regulate and displace the $US2 trillion market in cryptocurrencies is accelerating.and said any company providing trading services to Chinese citizens would be deemed to be engaged in illicit activity.In the US, Securities and Exchange Commission chairman Gary Gensler wants the power to regulate crypto assets as securities, arguing that the sector is rife with fraud, scams and abuses.

Also coming later this year is a paper from the US Federal Reserve Board canvassing the prospect of a US government-issued digital currency even as the Bank for International Settlements issued a set of reports produced by seven central banks last week exploring in some detail the implementation of central bank-issued digital currencies.– it has been engaged in an advanced pilot program – had previously banned crypto mining, which is extremely energy-intensive.

It seems a foregone conclusion that the major central banks and financial regulators will move to neutralise the threats to their own position and the stability of their systems by issuing their own digital currencies while forcing the digital challengers into the regulated financial system. Stablecoins – tokens backed by baskets of physical assets, or tied to reserves of US dollars – could be much more of a threat to central-bank issued currencies, even if they only represent about $US125 billion of the $US2 trillion crypto asset market today.

Should label it, banks shitting themselves. Trying to keep the rich rich and the poor poor, China bans crypto every year but they have blockchain in their national 5 year plan, USDT is already backed dollar for dollar by cash or liquid assets. Banks will try something sus though

BanBitcoin CrushCrypto DiemMustDie EliminateEtherium UnstableCoins The end game can only be CBDCs (central bank digital currency)

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