Law & Policy

the warren wing of the democrats would gladly kill self-custody if they could, made pretty clear in this letter:

"The legislation fails to address real gaps in BSA coverage with respect to stablecoins' use . . . with respect to self-hosted [i.e. non-custodial] wallets that lack know-your-customer (KYC) requirements . . ."

Democratic staff on the Senate Banking Committee sent around a letter this AM signed by several dozen advocacy orgs opposing the GENIUS Act. 

Includes ACRE, AFR, Center for Responsible Lending, Our Revolution, Public Citizen, Tech Oversight Project... https://t.co/pragFvzSKB

Brendan Pedersen

the warren wing of the democrats would gladly kill self-custody if they could, made pretty clear in this letter:

"The legislation fails to address real gaps in BSA coverage with respect to stablecoins' use . . . with respect to self-hosted [i.e. non-custodial] wallets that lack know-your-customer (KYC) requirements . . ."

https://x.com/brendanpedersen/status/1924495963764208037

Farcaster-native research: https://paragraph.xyz/@matthewb | prev. Juicebox, Nouns, RAW DAO | casting about coffee, hi-fi, and other rabbit holes

exactly, two sides of the same coin. both authoritarian, however one is slightly more open about this whereas the other is more obfuscatory.

They’re not so different from the hardcore “national security” wing of the GOP that also wants total control. Both are dangerous imo. But I bet now a lot of Dems are not gonna go along with the Warren wing given the electoral consequences