news 
Lawmaker Claims Trump Aims to Replace US Dollar with His Stablecoin
A shocking claim has been made by a high-ranking official in the US government, alleging that former President Donald Trump is secretly working on a plan to replace the US dollar with his own stablecoin. According to California Representative Maxine Waters, Trump’s involvement with World Liberty Financial (WLFI) and its USD1 stablecoin launch raises serious concerns about potential conflicts of interest and threats to global financial stability.
Waters, the ranking member of the House Financial Services Committee, has introduced a draft bill aimed at regulating stablecoin issuers in the US. The proposed legislation would require one-to-one reserve backing for these digital currencies, ensuring their peg to the value of traditional fiat currencies like the USD. Additionally, it seeks to bring stability and transparency to the market by placing issuers under the supervision of the Federal Reserve.
The news has sent shockwaves through the cryptocurrency markets, with Bitcoin (BTC) experiencing a notable decline in value over the past 24 hours, reflecting investor unease about the potential implications of such a move. As of now, BTC is trading at approximately $83,730, down 1.51% and 4.32% respectively.
WLFI has confirmed that its USD1 stablecoin will be fully backed by US government securities and cash, with BitGo serving as the custody provider. However, this assurance has not alleviated concerns about Trump’s involvement in the project, given his well-documented history of making bold and unconventional statements.
In response to these developments, top Democrats have called on the Securities and Exchange Commission (SEC) to preserve all documents related to Trump’s cryptocurrency dealings, signaling their intent to scrutinize the political and financial implications of his digital asset projects.
Source: https://www.crypto-news-flash.com/lawmaker-claims-trump-aims-to-replace-us-dollar-with-his-stablecoin/?utm_source=rss&utm_medium=rss&utm_campaign=lawmaker-claims-trump-aims-to-replace-us-dollar-with-his-stablecoin
