Justin Slaughter pfp

Justin Slaughter

@jbsdc

82 Following
487 Followers
Justin Slaughter pfp
Justin Slaughter
@jbsdc
Not to be a downer, but while we over performed in cloture on GENIUS (gaining a few Dems like Hickenlooper and Kim while only losing GOPer Hawley and Blunt Rochester), we underperformed in both House AG and HFSC on Clarity. Odds of stablecoin legislation passing are 95%, odds of market structure passing are 20-25%.
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Justin Slaughter pfp
Justin Slaughter
@jbsdc
Nice to see even anti-crypto push polls are starting to give results that match the positions that we crypto have. In all seriousness, DfP does great work, and I wish they’d asked hwo many voters own crypto. https://x.com/dataprogress/status/1932857239196332470?s=46&t=6pIOBuXCDYR3MDdqas9hTg
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Justin Slaughter pfp
Justin Slaughter
@jbsdc
I don’t think the messy Musk-Trump divorce is going to immediately impact crypto policy, if the second order effects could be bad. If Bannon regains sway and a prime perch next to Trump, the odds of a broad tech crackdown increases, and that could wrap in crypto.
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Justin Slaughter pfp
Justin Slaughter
@jbsdc
At long last, a constructive article on Genius from the left! It: - notes stablecoins are useful and important - proposes some changes on issuance and oversight that aren’t inherently poison pills - actually seems to be concerned with how stablecoins work than that they will exist. The tragedy is it comes literally too late for Senate amendments. If this had been published a few months ago, maybe this whole debate would’ve been different. https://www.americanbanker.com/opinion/the-senates-stablecoin-bill-risks-repeating-past-legislative-mistakes
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Justin Slaughter pfp
Justin Slaughter
@jbsdc
This is a bad idea that will at the very least cause some people to lose their homes on margin. It will end badly and probably with more regulations placed on crypto to restrict the industry’s future growth. Not everything needs to be available for 10x leverage.
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lawrenceroman.eth pfp
lawrenceroman.eth
@lawrenceroman
I honestly think that social media + “muzzle velocity” is eroding critical thinking en masse. Total sensory overload, So much that’s hard for regular working folks to do any research on what’s true or just fake. From my POV one can be pro crypto and anti corruption/scams. The Trump coin is total Theranos vibes.
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Justin Slaughter pfp
Justin Slaughter
@jbsdc
Study oppressor/oppressed theory.
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Justin Slaughter pfp
Justin Slaughter
@jbsdc
This piece and others is being taken as gospel by a lot of Dems that are already skeptical of crypto. Go into the comments and you can literally find former Clinton and Obama Admin senior advisor Reed Hundt praising this as enlightening. Crypto has a very hard problem for the remaining skeptical Democrats: anyone in crypto is seen as talking their book, and those outside crypto (who almost invariably are negative on it if they are commenting on it) are seen as clear truth-tellers. The substance of the argument is irrelevant - the identity of the messenger is what appears to matter, with a very prominent academic who clearly doesn’t understand the basics of the tech having his jeremiad regarded as gospel.
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Justin Slaughter pfp
Justin Slaughter
@jbsdc
You should write this up. It’s notable Farcaster has good vibes and community while BlueSky has an ever escalating series of flame wars and attempting purgings of whoever is deemed least pure currently.
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Justin Slaughter pfp
Justin Slaughter
@jbsdc
Words fail. https://x.com/forecasterenten/status/1927742704563228832?s=46&t=6pIOBuXCDYR3MDdqas9hTg
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Justin Slaughter pfp
Justin Slaughter
@jbsdc
They can’t do tech. Everyone knows this. If the banks were smart, they’d have demanded only banks can issue stables 4 years ago. They didn’t and while the big TBTF want in, the smaller players want to hide under some coats and count on this to all go away.
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Justin Slaughter pfp
Justin Slaughter
@jbsdc
The basic argument that links the two is this is SO useful it’ll swell the financial system and decrease stability. The problem is that’s like arguing cars increase road fatalities so let’s ban them. Instead, just regulate them appropriately.
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Justin Slaughter pfp
Justin Slaughter
@jbsdc
These concerns aren’t totally wrong. I do think some minor crypto insurance fund generally (what SIPC is for securities) is probably a good idea. It’s also not what the core complaint is about. The core complaint is that stablecoins are probably too good at taking money traditional bank deposits and thereby are a competitive risk to them.
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Justin Slaughter pfp
Justin Slaughter
@jbsdc
Actually a good point.
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Justin Slaughter pfp
Justin Slaughter
@jbsdc
I will. I hope several people do so. Quite a few folks in Dem circles are shocked.
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Justin Slaughter pfp
Justin Slaughter
@jbsdc
Eh, maybe a little? It exists but is small in the grand scheme of things.
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Justin Slaughter pfp
Justin Slaughter
@jbsdc
They seem to really, really think there’s nothing here. It’s incredible.
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Justin Slaughter pfp
Justin Slaughter
@jbsdc
The Biden dead Enders are the last ones
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Justin Slaughter pfp
Justin Slaughter
@jbsdc
Former Biden Chair of Council on Economic Advisors speaks on GENIUS. You’re all going to want to read this. https://econjared.substack.com/p/crytpo-theres-just-no-legit-use-case?publication_id=3782367&utm_campaign=email-post-title&r=ge4xb&utm_medium=email
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Justin Slaughter pfp
Justin Slaughter
@jbsdc
Out of both practical necessity and prurient curiosity, I’ve spent the last few months trying to suss out just how much/who in the Biden WH staff was anti crypto. This is the first time I’ve seen a member indicate any of them were explicitly anti crypto before 2022. https://bsky.app/profile/seancasten.bsky.social/post/3lpkwcyvfbk2e
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