By now, most people in the crypto space has heard of the Lummis-Gillibrand Crypto Bill that is being considered by the US Congress. The bill could be good for the industry to help define some things like who is the regulatory body over the space, taxes for consumer use of crypto, etc. But, in light of the issues with the Terra fiasco that crashed the so called 'stablecoin' UST, this bill takes a heavy look at stablecoins, basically calling for the out right outlawing of algorithmically driven stablecoins.
Algorithmic Stablecoins Will Be Outlawed!
The one major issue with this in our little corner of the blockchain space, our Hive Backed Dollar, or HBD is an algorithmically driven stablecoin that is backed by the Hive token. This bill will make $HBD in essence, illegal in the United States, the supposed "Land of the Free". How will this effect people on the Hive blockchain that live and reside in the United States? Will that make us criminals for holding and earning an algorithmically driven stablecoin?
The wording of the bill, which is a 168 page turner let me tell you what, lol, it's not looking too good. Basically they want people to be held liable for stablecoins and regulated like banks. It's a long drawn out section, but basically if you are not a licensed issuer of a stablecoin with dollars or equivalent assets, with a portion available for immediate withdrawal internationally, blah blah blah, then you are operating an illegal stablecoin, if this bill passes.
So as far an individual holders, it just means that you cannot exchange HBD on any US based exchange. But what does that mean for us as stakeholders or the witnesses that run the blockchain that produces HBD? Does that make them criminals? If it does, then I will be a loud and proud criminal while I collect my 20% APR on my layer 1 savings wallet!
They seem to have picked their stablecoin winners. Now that Blackrock and Fidelity have both sunk their teeth into USDC with large investments, the writing is on the wall, or Wall Street, haha, get it...
They Can't Stop Decentralization!
Just like when Hive was first forked, and the mining company, Hive Blockchain tried to issue a cease and desist letter for using the name, they couldn't find anyone person to issue it to, because Hive is a decentralized network and protocol. There are no CEOs to come after. This makes Hive and HBD unreachable by any regulators, same as Bitcoin. Hive is one of the very few blockchains that have this truly decentralized setup, which is what makes it one of the best out there.
But why are we so overlooked by the rest of the crypto world? Because it's sad to say that many people, especially those that come into the space with just an investor mindset instead of a freedom searching sovereign human being, want that consumer and investor protection one because they are too lazy to take control over their own money, so they want to keep it in an exchange, thinking that's going to keep them safe. And two, because they are still brainwashed and sucked into the system that they can't wrap their head around the true power of what we are building.
Blockchains Will Be The New Governance
This is nothing more than a mere push for the boomers to keep control and attempt to regulate an industry that already resides outside of their control. They are on a sinking ship and are doing everything they can to bail the water out before their heads go beneath the surface.
Satoshi started the war when he, she, or they created Bitcoin. Many others have done their own thing and have created some really great tech, and some just created allot of hype with no follow through. But there are very few that are truly decentralized like Bitcoin and Hive, and very few understand this point.
HBD is the only true decentralized stablecoin out there, next to DAI, but then who really holds all the MKR tokens there? Mostly the dev teams and VCs. Hive is truly a different beast and we need to do what we can to protect it.
What Are You Doing For The Blockchain?
You have to ask yourself, especially now that we are in the 'Fight You' stage of adoption, it's not what Hive can do for me, it's what can I do for Hive? Are you contributing to the decentralization of the chain, by either creating your own Hive based front end, running a witness node for either the main chain, Hive-Engine, DLUX or SPK Network? Are you out there screaming on the Web2 social media platforms about the amazing, decentralized ecosystems we are building? Or are you just leaching and taking what you can out of the system?
The more our global community contributes, the stronger and more resilient we are against the forces that oppose us!
Nothing said is financial advise.
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Posted from my blog with Exxp : https://coin-logic.com/current-crypto-bill-makes-hbd-illegal-in-the-us/