Cryptocurrency developers should produce a white paper with all the relevant information about the issuer, the token or the trading platform to enable potential buyers to make an informed purchase decision and understand the risks relating to the offering, the proposal says.
National and European regulators must approve these documents before issuers can start operating.
A faceless Tor user who calls himself Satoshi Nakamoto will seek approval from self-entitled bureaucrats before releasing bitcoin.pdf and a bunch of source code, because... because.
Everybody is a bank-loving masochist with a regulatory fetish! Confirmed by strongest science.
"Because they are tied to national currencies, supporters of stablecoins claim they can avoid the bubble-and-burst evolution seen with Bitcoin."
Because they are tied to national currencies which are already digital, they have no fucking point...except pointless redundancy, I guess? They continue to miss the point of Bitcoin's reason for existence in the first place.
Bitcoin is bitcoin. There's no "issuer", there's no backing, it is what it is. You want some? Mine it or buy it.
The EU tentative regulation that Biodom mentioned, as I understand it, is aimed at tokens issued by corporate actors (libra is explicitly mentioned, and tether would qualify as well). My previous post simply states that I personally agree that such corporate entities should be held liable, and any failure to comply with redemption requests immediately should have civil and criminal consequences.
The last thing we need is more fractional reserve scams springing up like mushrooms everywhere.