By Odin's Beard! SEC Says Some Stablecoins Not Securities! What Does This Mean for Vikings!?

The Gods Favour Stablecoins (Maybe)

Hark! Ragnar Lothbrok here returned from Valhalla to make sense of this… 'stablecoin' business. It seems the all knowing bureaucrats at the Securities and Exchange Commission – a council more perplexing than King Ecbert's mind – have declared that some of these digital trinkets are not to be considered 'securities'. They speak of coins pegged to the American Dollar backed by treasure… sounds suspiciously like what we pillaged from Lindisfarne but I digress. They call them 'covered stablecoins.' Seems a bit…tame.

No Interest? Where's the Spoils of War?!

But here's the kicker! These 'covered stablecoins' offer NO interest! By Odin's beard what kind of treasure yields no spoils?! It's like raiding a monastery and finding only prayer beads! Brian Armstrong a chieftain of this 'Coinbase' tribe is rightly concerned. He wants interest as any self respecting Viking would. I say give the people their due! Let them feast on the earnings of their digital conquests. After all a wise man profits more from peace than war.

Legislation? More Like Legal Sea Battles!

Now the Americans are bickering over 'legislation' like ravens fighting over a corpse. Two factions the House Financial Services Committee and some senators are proposing different laws for these stablecoins. They call them STABLE and GENIUS. Honestly they should call it the 'Who Can Shout Loudest' Act. Let them squabble. Vikings know that true power comes from strength cunning and a well aimed axe. Not paperwork.

Stablecoins: The New Longships?

They say these stablecoins are the 'next killer app for crypto.' It seems everyone wants them the individuals the financial institutions even those who trade and make the decentralized 'Defi'. To me it sounds like an advantage to the common man just like how the longboats gave my people the advantage over our enemies. And the market cap of these coins has been growing like the egos of my sons. Good to know.

The Shadow of Yield Bearing Coins...

And if I understood correctly the American SEC folks are implying that 'yield bearing' stablecoins (or coins that allow you to have interests) will be viewed differently in the eyes of the law or viewed as securities. Well that certainly puts a damper on things. These types of coins according to the JPMorgan clan has grown exponentially to over $13 billion! That's a lot of gold...

Circle Files for IPO! A Feast for the Eagles?

The House of Circle issuers of USDC have put in place to conduct an IPO. Perhaps a great time for them... Perhaps a great time to get raided... just kidding! Circle could become the next Coinbase a big name in the crypto sphere. One might wonder what the future holds for all the players of this new game and where the treasures might lay.