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Hmmmmm, this is proving to be an interesting week... the US Government is going after BUSD by issuing a cease issuance order against Paxos (who is in charge of issuing and burning the BUSD stablecoin). Probably this is a way to go after Binance, and to destablise the crypto ecosystem as a whole... and BUSD issuance is a possible weak point that has been identified as an angle of attack.

What is going on in the US? It seems like the government, and by that, I mean the various government agencies and the SEC in particular are running around like headless chickens and not really able to perform their duties.... Garry Genseler of the SEC in particular seems more intent on playing crypto-influencer instead of acting as the head of an important government organisation...

... yes, that is the head of one of the organisations that is supposed to be giving some regulatory clarity into our new digital playground. Instead, we appear to have something akin to a YouTube crypto-"educator" that has set itself in the Bewitched universe.

Weirdly enough, there are quite a few US government officials that ARE trying to do their job... but why do we have this clown-show up front?

So, now that the supply of BUSD can no longer increase (minting is not allowed, but redemptions are still okay)... it is probably not a great idea to stay in BUSD for stability. I only had BUSD on Binance and on Binance Smart Chain... so, it was quite an easy thing to just dump it all for USDT. After that, I could just take my time and think about what basket of stablecoins would be good for me... USDT and USDC were the two "centralised" stablecoins that I opted for on Binance and on-chain.... and on-chain, I figured that I would return back to DAI with a side order of LUSD and RAI. But I figured that it would be an okay moment to also boost up a bit more ETH and to a smaller extent, BTC.

Now, of course I am aware that we do have a homegrown stable-coin here... but I'm afraid that it isn't as widespread in use as I would like... and the depth of liquidity isn't as deep as the Ethereum based stable-coins. That definitely might change in the future, but until then, I don't feel quite as safe with them.

So... why BUSD? Well, it might be anything from a co-ordinated move on Binance (as the largest crypto exchange...), or an attempt to destablise DeFi, or just a mundane custodial issue as Paxos couldn't guarantee what was being done with BUSD in terms of backing on Binance and Binance Smart Chain. Could be any of those things... but I'm less likely to lean to these theories... I'm tend to think that it is just aimless flailing of organisations without a clear purpose and directive (led by an attention seeking YouTuber...).

I do find it quite strange that the United States is so resistant to providing clear guidelines for cryptocurrencies and digital assets.... it does appear that it would be beneficial to the liberal democratic states (please... I don't use the word "liberal" in the polarised American sense...) to have a freer decentralised digital asset infrastructure. Especially when we see that the ascendancy of the US world order is under serious challenge (shifting military technology, industrial base, and demographics)... but it could just be empire-complacency that is kicking in... the United States has been top-dog for so long that it might have forgotten that it isn't a infinite given that it retains its status as such.

So, could it be that the resistance to digital assets and infrastructure is one of many nails in the coffin of American ascendancy? It is possible... I would prefer that it wasn't, Australia and Europe will have to pick between different flavours of crap... but I would personally prefer an American flavoured one in comparison to other alternatives (even if it is a bit on the nose at times...).

I can also be found cross-posting at:
Hive
Steem
Publish0x

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