Via Protos: Texas has passed a law requiring bitcoin “banks” to be proper FULL-RESERVE banks. No fractional reserve.

Even better, bitcoin “banks” must follow the old 1936 banking laws, keeping their customer deposit business strictly separate from trading and speculating. Glass-Steagall prevented serious bank failures when it was in place. The current mess began when Clinton and the Repooflicans united to break Glass-Steagall.

Texas isn’t trying to bring back 1936 for regular banks because Federal “law” is too firmly ensconced, with too many supporters. Bitcoin is on the ropes now, with very few powerful supporters.

If bitcoiners grasp the opportunity in this change, they could become the most reliable and trustable banks.

They will have to give up their nonsensical slogans about “decentral” and “trustless”. The whole fucking point of a bank or a currency is trust. In fact a currency IS trust, nothing more.

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