2024-04-19 01:08:09
- Berckmans sees potential for the legitimacy and growth of the Ethereum market.
- There is a debate about the impact of the bill on the regulation of stablecoins and the Ethereum ecosystem.
Amidst rumors of the bipartisan Lummis-Gillibrand Stablecoin Payment Act, highlighted Ethereum [ETH] community member Ryan Berckmans offered a unique perspective.
“My initial reading is that the bill is very optimistic and legitimizes Ethereum like never before.”
he said,
“The new stablecoin bill as written could teleport ETH/BTC from the current 29.92% to 40%+.”
Different opinions on the stablecoin bill
This emphasizes that the bill addresses concerns about the stability of the economy on the Ethereum chain, which are often questioned by traditional finance (TradFi) and crypto investors.
Commenting on the same, Berckmans noted:
“The stablecoin bill fixes this.”
With this view, he believes that stabilizing the regulatory landscape through this bill could improve trust in the Ethereum ecosystem, leading to greater adoption and investment.
In contrast to the above-mentioned view, Jake ChervinskyVariant’s legal director voiced criticism against the bill and said:
“The bill released today is deeply flawed: it appears to ban almost everything except a narrow group of centralized custodian stablecoins. “This would be much worse than the status quo.”
This highlights the importance of stablecoin legislation in shaping crypto policy and its impact on the wider cryptocurrency ecosystem.
Chervinsky added:
“Instead of setting reasonable requirements for stable escrow coins, the bill picks winners and losers and stifles innovation.”
However, amid this criticism, social media seems to be bullish on stables, as highlighted by @CryptoTony,
“The main winners are still #Stablecoins… Volatility has eased a bit.”
Therefore, despite Chervinsky’s criticism, Berckmans is quite confident in the bill.
“At this point, I completely disagree. “I think this draft, overall, would be a big win.”
he completed saying,
“Overall, I think this bill has unfortunate but realistic drawbacks, while at the same time using the legitimacy and growth of the Ethereum chain.”
What awaits ETH?
Senators Lummis and Gillibrand’s history of introducing bills to regulate digital assets is nothing new. They have also introduced multiple bills to regulate digital assets in the past, but they seem to have stalled.
Amidst these events, Ethereum seems to be painting the price chart in red on its daily and weekly charts. Showing double-digit declines over the past week, ETH stood at $3,056.57 at press time.
This is an automatic translation of our English version.
#Legitimize #Ethereum #Stablecoin #Law