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Crypto Owners May Get Priority in the Event of Bank Failures (jacobin.com)

submitted 3 weeks ago by BrikoX@lemmy.zip to c/usa@midwest.social

9 comments fedilink hide all child comments

The US Senate is poised to pass a financial deregulation bill ensuring that when a bank goes out of business, the savings of cryptocurrency owners would be made whole before those of other bank customers.

top 9 comments

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[–] Letstakealook@lemm.ee 15 points 3 weeks ago (2 children)

Why should speculators be made whole first?

[–] WhatAmLemmy@lemmy.world 9 points 3 weeks ago

Because we live in capitalist dictatorships.

[–] Reddfugee42@lemmy.world 7 points 3 weeks ago

Because the president is literally running a crypto scam

[–] derry@midwest.social 5 points 3 weeks ago (1 children)

Do gamblers next

[–] redsand@lemmy.dbzer0.com 3 points 2 weeks ago

He did that for some Russians already. They got money laundered in a casino and trump got bankrupted. The art of the deal.

[–] banghida@lemm.ee 0 points 3 weeks ago

Nice 👍

[–] ExtantHuman@lemm.ee -1 points 2 weeks ago (1 children)

Jacobin once again completely misunderstand what it is talking about. A stable coin is not a speculative asset. These are meant to be pegged to the currency they represent (USD, here). This is explicitly talking about the issue of the stable coin, not the holding entity. Why would these banks be issuing their own versions of stable coins, when there's already a bunch of them out there?

This has nothing to do with people gambling on memecoins

[–] Ascrod@midwest.social 2 points 2 weeks ago (1 children)

Why not speculative asset if speculative-asset-shaped?

[–] ExtantHuman@lemm.ee 1 points 2 weeks ago

It's not speculative...