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These days, distrust and ominousness define the Sino-American relationship. There is so much sabre-rattling, misunderstanding and ill intention in the growing rivalry, and consequently so terribly few areas of potential agreement and cooperation. Perhaps, though, the scourge of cryptocurrency could be one, a grand project on which the two superpowers could join forces in mutual comity and friendship, and really fuck some nerds’ shit up. China made the first move, and it looked like we might take ours in turn.

Unfortunately, no one told Jay Powell.

He said there was “no intention to ban them,” but added that stablecoins, which are cryptocurrencies whose value is tied to government-issued currencies such as the dollar, “are like money-market funds, they’re like bank deposits, but they’re to some extent outside the regulatory perimeter and it’s appropriate that they be regulated….”

“That was of course a very favorable note especially when you compare it to the People’s Bank of China,” said Naeem Aslam, chief market analyst at brokerage AvaTrade.

Uh, Jay, did you check with Gary and Saule about that before telling it to freakin’ Congress? Do you even still want this job?

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