πΊπΈ SENATOR LUMMIS IS PUSHING THE U.S. TO SELL GOLD AND ACQUIRE 5% OF ALL #BITCOIN TO COVER ITS $39,000,000,000,000 DEBT
AMERICA IS STARTING TO THINK IN SATS π
Jamie Dimon went on Fox and called Brian Armstrong "full of sh!t" over stablecoins. π³
Jamie is the GOAT. Love him or loathe him, you absolutely know where he stands.
What stood out to me in the clip was to hear the CEO of America's biggest bank promise to fight, and admit he might lose.
Dimon said banks "will not accept" the CLARITY Act as written, and warned that done badly it becomes "a huge problem." Then he granted it could pass anyway. When the man running the biggest bank vows to fight to the end and might still lose, the moat is already cracked.
So what is the fight really about?
One question with a trillion dollars behind it: who needs a banking licence to pay interest on a digital dollar.
The argument (if you've not been following along with popcorn):
- GENIUS prohibited issuers like Circle from paying you yield like deposits.
- It says nothing about the exchange, so Coinbase and Kraken route 4 to 5% "rewards" to anyone holding USDC. Circle pays the exchange, the exchange pays you.
- CLARITY could decide whether that survives down the chain.
It just cleared Senate Banking 15-9. The compromise kept activity-based rewards alive (cashback for actually using the coin) and prohibited passive, deposit-like yield. So the hold-it-and-earn model Coinbase runs today is the piece sitting in the crosshairs.
Banks want it dead, because deposits are the cheapest funding a bank can get and anything that *could* impact that is bad. JPMorgan sits on roughly $2.4T of them, most paying close to nothing. A dollar earning 4% in your wallet reprices that entire base.
Then there's the part Dimon left out of the Fox segment.
JPMorgan already shipped JPMD, a yield-bearing dollar token, live on Base. Coinbase's chain. There's very clearly an underlying assumption that tokenized money is the future, and JPMorgan (understandably) wants to win that.
The problem is, deposit tokens, even yield-bearing ones, very rarely leave the bank's perimeter. Stablecoins do.
Deposits are money that stays still.
Stablecoins are money that moves between institutions, even on weekends and bank holidays.
I expect deposit tokens and reward stablecoins to coexist in five years, until "where do your dollars sit" is a choice between the credit risk of the issuer (JPMorgan vs Circle) and the yield. Your answer may vary based on your risk appetite.
Institutions have a lot more to gain from stablecoins than they've probably realized, once you apply the lens of money that moves vs money at rest.
Dimon will fight it. He told you he might lose.
And as the chessboard changes, expect the big names to adapt and make the most of it anyway.
@henrymcphie_ This is a BOLD statement. I love it. Hope you guys are backing it up and I have a feeling we'll get a peek under the hood soon. $STEX #GLDY .@streamex
https://t.co/uMuOPCY1dJ If @streamex is able to operating under the "Innovation Exemption" $STEX and #GLDY would both be huge beneficiaries. Wow. This might be getting real! @Frank_Giustra $CEPT $SECZ
$STEX Investors are now being paid in gold to hold gold, something that has never been available in this form before #GLDY This #TOKENIZEDGOLD model is a major disruptor. ETF's/Pension Funds/IRA's can get paid in $GOLD for owning #GOLD. No need to invest in $GLD for exposure
Agreed. @Frank_Giustra loves to rip on the establishment without taking an honest look at himself. Where's the #GLDY interest you publicly posted? I'm sure there's more to the story so let's hear it.
With the launch of #GLDY by $STEX, gold is now a productive asset.
Jewelers & Manufacturers: Need access to gold but not the volatility, they prefer a fixed lease fee to use the gold.
#GLDY Holders: No storage fees, lease fee is paid to you as a 3.5% yield.
How to buy:
@notabigdeal111@henrymcphie_@Monetary_Metals There's 4 ways in each vertical to generate alpha. They are not burning $500k/week; they have 4 yrs cash runway in the bank. Software/tech = very little overhead. The stock has absolutely positively sucked. No ifs and or buts. If model works, stock rebounds. Cause & Effect
@notabigdeal111@henrymcphie_@Monetary_Metals It's a brand new product so I would expect funds and ETF's to perform due diligence before buying this. Still in 1st inning. If in next 6-8 weeks, we're still sitting below $200MM in tokens, I'd concede with you on this.
@notabigdeal111@henrymcphie_@Monetary_Metals#GLDY is explicitly structured as a regulated security, not as an unregulated crypto token, so it is treated as βhaving passedβ the Howeyβtest framework under U.S. securities law.