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Crypto-native entities like Gemini, Binance, Circle and Tether already offer those tokens but without government protection or supervision. As soon as the legislative ink dries, they will register and some major banks will join them, either by creating their own stablecoins, forming partnerships with stablecoin providers or buying stablecoin issuers.

It’s a risk-free product: Put deposits into one-month T-bills and earn $2-$4 profit on every 100 tokens. Some may even program stablecoins to pay a little interest to their token holders as an incentive to attract users and take market share from the aforementioned entities.

At the same time, Congress will create a “safe harbor” for innovation and experimentation with stablecoin technology and other implementations of blockchain.

Today, most of those experiments violate U.S. securities laws, and field tests involve unethical or illegal market tampering and hacks. With a safe harbor program—perhaps a two-year experimentation grant or test period—projects will flock to this country.

Concurrently, U.S. regulators will settle or lose every lawsuit that involves cryptocurrency businesses. On top of the European Union’s MiCA (Markets in Crypto Assets) rules, global agreements and local standards for crypto, all of this activity will bring legal clarity and a safe space for financial innovation in cryptocurrency and blockchain technology.

Bitcoin comes of age

By the end of 2023, nearly every major investment company and brokerage firm will offer exposure to bitcoin, either through direct custody or through investment funds like Grayscale or NYDIG.

Google, Amazon and Twitter will either accept cryptocurrency payments or build their own crypto-based settlement platforms.

Some institutions will develop, buy or form partnerships with cryptocurrency wallet providers to offer customers access to crypto markets and “safe” ways to store crypto, even if it’s just stablecoins from their partners and subsidiaries.

Some altcoins will emerge from the bear market stronger than ever, with more upside potential than bitcoin.

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