With the GENIUS Act of 2025 possibly getting the greenlight, I could imagine the inception of some "capital reserve agreement" being signed that allows people—who otherwise would lack the capital reserve—to start their own stablecoin.
(This post is NOT endorsing the GENIUS Act of 2025; I'm just making an observation.)
#GENIUSAct2025 #GENIUSActOf2025 #GENIUSAct #Stablecoins #Cryptocurrencies #Blockchains #Fintech
What actually sucks about the GENIUS Act: stablecoin holders get first dibs if the stablecoin issuer defaults.
Who can be issuers?
Federally insured banks and subsidiaries.
If these banks commingle deposits with reserves, then this will force banks to dip into deposits, if reserve alone fails to cover claims.
Good thing is, the FDIC will ensure up to $250K of deposits, but what this means is that the FDIC is effectively subsidizing bad decisions from banks.
This is the *only* argument against the act that I actually find is what we should absolutely find concerning.
However, I find that the majority of regressive leftist fedidiots and fedimbiciles who can't read are making all sorts of other arguments against the act, none of which should be taken seriously. Unfortunately, them repeatedly making these dumb arguments weaken the cause of highlighting how bad the proposed law is
#GENIUSAct #GENIUSAct2025 #GENIUSActOf2025 #USPoli #Fediverse #Crypto #CryptoCurrency #CryptoCurrencies #Stablecoins #Blockchain
Some arguments that I've heard against the US GENIUS Act of 2025, and my commentary:
- "It's not strict enough". Could be a fair argument; there are stuff that I wished it was within its scope
- "It makes Donald Trump rich". Then come up with another law *on top* of the GENIUS Act
- "It could facilitate money laundering". With that argument, ban cash as well
- "Elizabeth Warren is against it". Do you not have any original thoughts?
- "it's a carve out". And? What's your point?
- "SEC/CFTC is more strict; we didn't need another law". SEC/CFTC doesn't enforce who gets dibs in the event of insolvency. And it also doesn't strictly spell out 1:1 reserve requirements
- "it was promoted by the Republicans". So what?
- "crypto is bad for the environment." Bitcoin yes, but stablecoins on Ethereum and Solana: no
- "crypto sucks!". At this point, this is just an opinion, and I'll just "agree to disagree"
#Crypto #Cryptocurrency #Blockchain #Stablecoins #GeniusAct #GeniusAct2025 #GeniusActOf2025
People be like "the new GENIUS Act deregulates cryptocurrencies".
Then why did Rand Paul repeatedly vote against the law, citing concerns around overregulation?
#Cryptocurrency #Cryptocurrencies #Web3 #Stablecoins #Blockchain #Blockchains #DeFi #USPoli #US #GENIUSActOf2025 #GENIUSAct #GENIUSAct2025
Can someone explain to me (a Canadian, who barely visits the states) what is wrong with S.394 - GENIUS Act of 2025 that has passed the motion to invoke cloture in the US House of Senate?
A lot of people on the #Fediverse seem to be upset by it.
#Cryptocurrencies #Cryptocurrency #Blockchains #Stablecoins #DeFi #Web3 #USSenate #Democrats #Republicans #USPolitics #USPoli #Politics #USA #Crypto #GENIUSAct #GENIUSActOf2025 #GENIUSAct2025
