Congress is laser-focused on stablecoins. Really? Trade wars are escalating and murmuring of recessionary times are getting harder to ignore. In the background, our elected officials are scrambling to catch up to regulate stablecoins. It strikes many of us as the equivalent of polishing the silverware while the house is burning down. And quite frankly, that leads you to ask, who’s being served by this?

The stablecoin industry wants you to believe a happy fairytale filled with lollipops, gumdrops, innovation and efficiency. They claim to allow for quicker and cheaper cross-border payments, particularly benefiting the underbanked. It’s time to face the truth. How many emerging artists in Southeast Asia are truly able to use stablecoins to sell their work or get paid for their services? The answer is maybe a very small percentage of people that could benefit from more fruitful blockchain use cases.

Forgotten Voices, Real Potential

Here's the rub: while Congress obsesses over crypto trading tools, they're missing a golden opportunity to leverage blockchain for genuine good, particularly for emerging artists and marginalized communities. Think about the vibrant art scene in Southeast Asia: the intricate textiles of Laos, the captivating dances of Cambodia, the soulful music of Myanmar. These communities are rich with vibrant and dynamic artists and artistic expression. Yet, they face great challenges in overcoming economic hardship and lack of access to international markets.

It’s not all about the dollar bills, it’s about giving the artists enough resources and support so that they can call the shots on their projects.

  • Decentralized Art Marketplaces: Artists can directly connect with buyers, bypassing exploitative galleries and middlemen. They retain control over pricing and ownership, fostering economic independence.
  • Blockchain-Based Crowdfunding: Forget begging for grants from bureaucratic institutions. Artists can pitch their projects directly to the public, building community and securing funding through cryptocurrency.
  • Intellectual Property Protection: How many times has an artist's work been stolen or copied without credit? Blockchain can provide an immutable record of ownership, safeguarding their creations and ensuring fair compensation.

The current stablecoin push feels… suspect. Trump wants a bill on his desk by August—right. His family is behind a new stablecoin venture of their own, right? It stinks of self-interest. And industry lobbyists are still spending money like it’s going out of style. Is this really about fostering financial innovation and creativity, or just enriching people who are already rich?

Stablecoins Enrich, Art Empowers?

In the meantime, the very apparatus that can best help artists is being shuttered. Together, the STABLE Act and GENIUS Act would establish a much-needed regulatory framework. Instead, they would likely paddle right into helping big financial institutions and tech companies at the expense of regular Americans. Allowing money market funds as collateral? That's a recipe for another bailout.

Instead of carving stablecoins out from securities law, our leaders should be carving out space for innovation that actually benefits communities. The focus on stablecoins feels like a distraction from the real potential of blockchain to address pressing social and economic issues, especially for artists in developing nations.

Here's where it gets personal. As a community activist, I’ve witnessed firsthand the power of art to heal, to inspire and to create change. We all know art is priceless, and this economy isn’t just about art as trade. It is an irreplaceable part of our cultural landscape and economic future, supporting the jobs of millions.

Art, Not Just Another Asset

We need to shift the conversation. It's time to demand that Congress prioritize policies that support blockchain initiatives that empower emerging artists and communities, not just those that benefit Wall Street and Silicon Valley.

Don't let Congress miss this opportunity. Let’s today commit to using the best of blockchain’s promise to empower our emerging artists and create a future that works for us all. After all, at the end of the day, isn’t art worth more than a stablecoin?

How can you help?

  • Support organizations that are using blockchain technology to empower artists in Southeast Asia and beyond.
  • Contact your representatives and tell them to prioritize policies that support these initiatives.
  • Spread the word. Share this article and help raise awareness about the potential of blockchain to create a more equitable and inclusive financial system.

Don't let Congress miss this opportunity. Let's harness the power of blockchain to empower emerging artists and build a brighter future for all. Because, when it comes down to it, isn't art worth more than a stablecoin?