Crypto’s Killer App: the US Dollar
Since I began focusing on crypto in 2016, there have been a handful of shifts in overt U.S. digital asset policy, and the significance of the most recent shift cannot be overstated. The bipartisan passing of the GENIUS Act, signed into law on July 18, signals a clear 180-degree reversal. The overarching narrative has shifted. Where blockchain was once seen as a tool to help virtual currencies supplant the US dollar, it’s now being recognized as an inevitable technology that can serve to solidify the dollar’s standing as the global reserve currency.
There is a significant benefit to the United States in controlling the global reserve currency. When there is a consistent global bid for U.S. dollars, the cost of capital is cheap, and…
