Treasury Secretary Scott Bessent expects stablecoins to generate trillions of dollars in Treasury-bond demand. Critics say it’s a recipe for another financial crisis.
Photo: Intelligencer; Photos: Getty Images

There would be a great irony if cryptocurrency — which was created in 2008 to provide an alternative to the mainstream financial system that had just failed — led to another economic crash. But that is what a handful of experts fear could happen now that Congress has passed the GENIUS Act, a major piece of crypto legislation.

The goal of the new legislation,…