Gensler We were treated to an interview in the Washington Post this week with SEC head Gary Gensler. He had plenty to say but reserved particular ire for stablecoins, which he likened to poker chips. The driving force behind his intervention was likely the recent Coinbase proposal for a USD stablecoin that would have attracted about 3% interest. The interest is paid for by people who borrow the coin to go long and short on the platform but it held the prospect that if you had a Coinbase account you could simply deposit your USD and receive 3% instead of 0% from your close friends at JP Morgan.
Gensler
Gensler
Gensler
Gensler We were treated to an interview in the Washington Post this week with SEC head Gary Gensler. He had plenty to say but reserved particular ire for stablecoins, which he likened to poker chips. The driving force behind his intervention was likely the recent Coinbase proposal for a USD stablecoin that would have attracted about 3% interest. The interest is paid for by people who borrow the coin to go long and short on the platform but it held the prospect that if you had a Coinbase account you could simply deposit your USD and receive 3% instead of 0% from your close friends at JP Morgan.