Tech Brew Ride Home Thu. 12/03 – A Law To Turn Crypto Basic?
Dec 3, 2020
A proposed bill may redefine crypto regulation, raising concerns about stifling decentralization. PhonePe's spinoff marks its rise in mobile payments, outpacing Google Pay. AI is revolutionizing Loon's internet balloons, while hackers target COVID-19 vaccine distributions. On a lighter note, Google's new feature allows anyone to contribute to Street View photography. Plus, antitrust action looms for Facebook and various advancements in data privacy tools are highlighted.
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Stablecoin Regulation
- The STABLE Act would require stablecoin issuers to obtain bank charters and regulatory approvals.
- This could mainstream stablecoins but also stifle the decentralization crypto enthusiasts value.
Pushback Against Regulation
- Jeremy Allaire argues the STABLE Act hinders digital currency innovation and burdens crypto companies with unnecessary regulation.
- He believes it contradicts the goals of supporting innovation and financial inclusion.
PhonePe Spinoff
- PhonePe, a leading mobile payments app in India, is becoming an independent entity.
- This allows PhonePe to access dedicated capital and potentially expand globally.