Democrats shouldn’t support Trump’s GENIUS Act crypto bill
The Senate just handed the crypto industry the legitimacy it’s been craving for years.
With help from 18 Democrats, Senate Republicans passed the GENIUS Act this week, the first major piece of crypto legislation in U.S. history. The bill now heads to the House.
In theory, the legislation would establish the first regulatory framework for issuers of stablecoins, which are cryptocurrencies pegged to assets such as the U.S. dollar. But in practice, it opens the floodgates to corruption and financial collapse.
The bill reads more like a wish list from crypto lobbyists than a serious attempt at oversight. It would create a framework without teeth, with no real limits on who could issue stablecoins and no stringent requirements to prove…
