Trump’s Stablecoin Scheme: A Comedy of Errors or a Masterstroke?

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Ah, dear audience! Gather ’round as we unveil the latest farce in the grand theater of politics! Our heroine, the illustrious California Representative Maxine Waters, a veritable sentinel of virtue, took to the stage at a markup hearing to castigate none other than the illustrious President Donald Trump! 🎭

With a flourish, she proclaimed that our dear President has entangled himself in a web of crypto schemes, all for the sake of profit! Imagine, if you will, a stablecoin, tethered to the US dollar, birthed from the loins of World Liberty Financial (WLFI)—a company, mind you, that is as family-backed as a royal court! 👑

In her impassioned address on this fateful April 2, Waters pointed out that Trump, in his infinite wisdom, has concocted a memecoin, plotted a national cryptocurrency stockpile, and, lo and behold, has his very own stablecoin! Yes, the USD1 token, launched in March, is but a mere trinket in his grand collection! 💰

“With this stablecoin bill,” she exclaimed, “this committee is setting a precedent so dangerous, it could make a cat burglar blush! We are validating the President and his merry band of insiders, crafting rules that will fill their coffers while the rest of us are left to pick up the crumbs!” 🍞

“Trump, I daresay, wishes for the entire government to adopt his stablecoins for everything from housing payments to taxes! And which coin do you think he would prefer to replace the dollar? Why, his own, of course!”

But fear not, for Waters is not alone in her righteous indignation! Many a lawmaker and expert, from all corners of the political stage, have raised their voices in unison, warning of the potential conflicts of interest lurking in the shadows. 🕵️‍♂️

Even the Committee Chair, the astute French Hill, acknowledged that the Trump family’s involvement in this crypto circus complicates matters. “If we do not prevent the President from owning his stablecoin business,” Waters declared, “I shall never support this bill, and I implore my fellow members to refrain from enabling such folly!”

Meanwhile, Representative Bryan Steil, the architect of the STABLE Act, remained tight-lipped on Waters’ concerns but spoke of the need for consumer safeguards. A wise move, indeed! 🧐

Hill, in his opening soliloquy, did not mention Trump but insisted on the necessity of a “clear federal framework” for these payment stablecoins. A noble pursuit, one might say!

Crypto Legislation: A Comedy in Progress

As the curtain rises on this legislative drama, the committee shall deliberate on amendments to the STABLE Act, alongside measures to combat illicit finance and prevent the government from issuing a central bank digital currency, or CBDC. The markup hearing is but a prelude to the grand vote that will determine the fate of these bills in the House of Representatives!

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2025-04-02 20:42