The Stablecoin Tethering and Bank Licensing Enforcement—or STABLE—Act seeks to “protect consumers from the risks posed by emerging digital payment instruments, such as Facebook’s Libra and other Stablecoins currently offered in the market, by regulating their issuance and related commercial activities,” its sponsors said.
The sense of achievement is palpable among those who had waited three years to revisit levels which appeared only briefly in 2017. Now that they have returned, what does it say about Bitcoin?
In some ways it sounds like a reverse version of New York-based beverage company Long Island Iced Tea’s December 2017 decision to rename itself Long Blockchain Corp when it began considering entering the blockchain business—a move that saw its stock jump 200%. Wenzhou, China-based xSigma, on the other hand, is sure is putting a lot of emphasis on the backing of its NASDAQ-listed pipe-making parent firm as proof of legitimacy.
Bitcoin’s tantalizing rise to $18,000—a 13% increase in the space of a week—still isn’t enough to impress JPMorgan Chase chief executive Jamie Dimon. However, that isn’t to say that Dimon is skeptical about digital assets or the power of blockchain technology.
