Because stablecoins are not FDIC insured. They aren't bank accounts. They don't have the same protections. Whereas we put different protections in for stablecoin, We've made sure that every stablecoin was backed by a US Dollar or a US Dollar equivalent. And so we thought the compromise and the language that we concluded with in that bill was very strong. Some Democrats and Republicans, some industry participants have said that the industry has found a way to subvert that design. (09:20–09:27)
CLAIM
Asserts that stablecoins must be backed by a US Dollar or equivalent.
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