How PayPal Upended the Crypto Debate in Washington D.C.

Had it succeeded, Diem would have offered two challenges, which had been mentioned publicly on the time, for the federal authorities to wrestle with. Libra’s stablecoin would have launched when the U.S. lacked a complete regulatory framework for stablecoins, that means it might exist in a authorized and regulatory grey house. And, whereas that actuality would pose a problem to the federal authorities, different stablecoin tasks have and can exist in the identical regulatory grey house. What was completely different about Diem was that its regulatory problem would have been turbocharged by the truth that Fb’s billions of customers would have had entry to this sort-of-regulated, sort-of-not-regulated crypto token in a single day.