Fun

Wyoming stablecoin may launch Q1 2025 —Governor Mark Gordon

News Feed - 2024-08-22 02:08:54

Vince Quill6 hours agoWyoming stablecoin may launch Q1 2025 —Governor Mark GordonPrivate issuers of stablecoins could extend the lifespan of the US dollar by driving demand for the underlying fiat currency.2313 Total views7 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onWyoming Governor Mark Gordon recently took the stage at the Wyoming Blockchain Symposium to discuss how the state was embracing blockchain innovation and highlighted plans for a state-issued dollar-pegged stablecoin on track to launch in 2025.


According to Gordon, who is Chairman of the Wyoming Stable Token Commission, the state is currently working on backing the stablecoin tokens through US Treasury bills and repurchase agreements. It will then reach out to exchange partners for listing sometime in Q1 2025.A collapsing centralized system based on money printing


Gordon framed the conversation around government overreach in the form of bailouts following the 2007-2008 financial crisis caused by mortgage-backed securities and the issuance of high-risk debt instruments by institutions:"There was a time before 2008 when capitalism was really important and that meant failure could happen. Somewhere around the 2008 time frame, we made a decision that too big to fail is something that the government was going to stand behind."


The Wyoming governor continued by explaining that this "too big to fail" approach is contrary to the dominant ethos in Wyoming, which sees risk as a prerequisite for real growth. Gordon then stressed the importance of a "first mover" advantage and how Wyoming"s proactive stance on digital asset regulations primes the state to capture the growth from digital assets.


Related:Wyoming mayoral candidate wants to run capital city with AI bot


This brought the pro-crypto governor to the topic of the Federal Reserve banking system, which he characterized as a "drag on innovation," pointing out the failed history of the previous two central banks in the United States under the Madison and Jackson administrations.Potential challenges to a state-issued dollar stablecoin


Wyoming established theStable Token Commission in July 2023, though the stablecoin initiative wasfirst proposed in a February 2022 bill. When the bill was introduced, Governor Gordon vetoed it, arguing that there was not enough information or a solid business plan in place to push through the proposal.


The proposal also sparked a debate regardingcentral bank competition and a potential conflict between the state-issued dollar tokens and the Federal Reserve Bank. Industry executives like Brent Xu, CEO of Umee, predicted that private stablecoin issuers will come into conflict with the Fed. Conversely, Wyoming Senator Chris Rothfuss argued that a state-issued, dollar-pegged token would not compete with the central bank, which issues the underlying assets the state-issued digital token would represent.


Magazine:AI may already use more power than Bitcoin — and it threatens Bitcoin mining# Blockchain# Adoption# US Government# Wyoming# Stablecoin# RegulationAdd reaction

News Feed

ADAX Have Just Changed the Game, Offering Censorship-Resistant DeFi via ADA
ADAX Have Just Changed the Game, Offering Censorship-Resistant DeFi via ADA sponsored In the history of every successful startup, there comes a ‘defining&rs
Is $100,000 Bitcoin Possible? Analyst Breaks Down Major Catalysts
Este artículo también está disponible en español. As Bitcoin (BTC) edges closer to the $70,000 mark, the crypto community is abuzz with predictions of a potential surge t
Hexa Raises $20.5 Million to Take Real Objects to the Metaverse
Hexa Raises $20.5 Million to Take Real Objects to the Metaverse Hexa, a 3D modeling company, has raised $20.5 million in its latest funding round to facilitate the task of bringing
Revised Bill Suggests Prison Time for Russian Crypto Miners Evading Taxation
Revised Bill Suggests Prison Time for Russian Crypto Miners Evading Taxation A draft law designed to regulate crypto mining in Russia introduces harsh penalties for miners failing
Japanese Telecom Giant NTT Docomo Launches $412 Million Metaverse Unit
Japanese Telecom Giant NTT Docomo Launches $412 Million Metaverse Unit NTT Docomo, the largest telecom carrier in Japan, has launched a new division that will be dedicated to direc
Tom Mitchelhill4 hours agoFriend.tech clone Stars Arena drives surge of activity on AvalancheThe price of AVAX has surged more than 8% amid heightened network activity brought about by Friend.tech look-alike Stars Arena.
US Treasury Secretary Yellen Outlines Plans to Regulate Stablecoins in Collaboration With the Fed, SEC, CFTC
US Treasury Secretary Yellen Outlines Plans to Regulate Stablecoins in Collaboration With the Fed, SEC, CFTC U.S. Treasury Secretary Janet Yellen will convene a
Turner Wright7 hours agoSam Bankman-Fried’s legal team turns over docs related to NYT story, requests they be sealedLawyers claimed there was a “need to avoid” the public dissemination of documents Sam Bankman-Frie
Bitcoin Options Traders Bet the Price of BTC Can Touch $36K by December
Bitcoin Options Traders Bet the Price of BTC Can Touch $36K by DecemberThis past weekend, data shows the most active bitcoin options contracts were calls for $28k, $32k, and $36k by
Abu Dhabi Fintech Startup Raises $20 Million in Series B Funding Round
Abu Dhabi Fintech Startup Raises $20 Million in Series B Funding Round Abu Dhabi-based fintech, Pyypl, announced on Nov. 7 that it had raised $20 million in Series B funding and th
Bitmain Launches 2,400 Megahash E9 Ethereum Miner Ahead of The Merge
Bitmain Launches 2,400 Megahash E9 Ethereum Miner Ahead of The Merge On July 6, the crypto mining rig manufacturer Bitmain announced the launch of the highly anticipated Antminer E
Biggest Movers: DOGE, ADA Nearly 10% Higher, as AXS Leads Today’s Gainers
Biggest Movers: DOGE, ADA Nearly 10% Higher, as AXS Leads Today"s Gainers DOGE was higher during today’s session, as it was reported that a Bitcoin ATM operator added the to