Essentially the new Fed will manage our $38 trillion in debt

[Fiendish Thingy]

10. there's a big difference between requiring capital reserves, and backing T bills with crypto

"Reserve Requirements: Stablecoin issuers are strictly required to back their coins 1:1 with liquid assets like U.S. dollars or short-term Treasuries, and are subject to monthly public disclosures of their reserve composition.

This means the stable coin issuers are required to hold $USD or T bills as capital reserves, not the other way around- that T bills are backed by crypto- the market would have shit a brick already if that were the case.

All the other stuff is largely window dressing, with loopholes aplenty, and since Trump has gutted the enforcement arm of the SEC, and there is no-one around to ensure compliance...it's mostly on the honor system now...

Why else would the crypto gangs dump millions into getting Dems votes on the bill? They want as little regulation as possible.