“The moment PayPal said it is rolling out a new stablecoin, every crypto policy expert in Washington whispered, ‘Libra.’” Lede of the week from jesseahamilton 👇
PayPal’s PYUSD marks the first time a major financial firm is backing its own stablecoin. Specifically, PYUSD will be a
, a kind token pegged to a government-issued currency to maintain a steady value in the volatile world of cryptocurrencies.
The Democrat-controlled Senate includes Sen. Elizabeth Warren , who considers crypto a financial hazard that empties regular Americans’ pockets, and Sen. Sherrod Brown , who runs the Senate Banking Committee and has been highly suspicious of the sector. Apart from worries aboutand hacks, they are concerned about the effects a large-scale stablecoin could have on the U.S. banking system in a major crisis and worry that customer runs could destabilize the industry.
One crypto lobbyist observed that the Democrats on McHenry’s committee who had recently voted against advancing the stablecoin bill had returned to well-worn talking points about giant technology companies inserting themselves in crypto. Those complaints reached a height when Facebook was starting its doomed three-year odyssey to establish Libra, later known as
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