Free Republic

The newly elected UK prime minister wants to “fix our economy, unite our Party and deliver for our country” Sunak previously asked the Royal Mint to create NFTs to demonstrate the country’s commitment to investing in cryptocurrency technology The United Kingdom’s incoming prime minister may be a bullish indicator for the country’s crypto prowess. Former Chancellor of the Exchequer Rishi Sunak is set to take the seat following the resignation of Liz Truss — who was in office for just 45 days. Handpicked by fellow Conservative Party members on Monday, Sunak, the son of Indian immigrants, will be the first...

California Governor Gavin Newsom has vetoed a bill crafted to create a licensing and regulatory framework for cryptocurrency firms in the state, Under the bill, crypto companies wishing to serve California residents would be required to first receive a license to do so, and it would have also formally adopted new rules governing stablecoins. This includes a requirement that licensed companies only engage with bank-issued stablecoins, which must remain 100% backed by reserves.

The Biden administration has made it clear they oppose the potential of stablecoins. But proponents view these private digital tokens, which are backed by reserve assets such as the U.S. dollar and short-term debt (e.g., commercial paper), as serving a key function to ensuring that all Americans have access to financial services. Pervasive opposition to digital tokens in the Biden administration could terminate future opportunities for providing capital to Americans that currently lack access to financing and bank deposits. Overregulation will stifle innovative financing products that could help provide capital for the unbanked and underbanked, or individuals who lack sufficient...