You’re Wrong About The GENIUS Act
The post You’re Wrong About The GENIUS Act appeared on BitcoinEthereumNews.com. Opinion by: Zachary Kelman No, the GENIUS Act doesn’t remove all government control over money. It doesn’t make Bitcoin tax-free. It doesn’t “legalize” decentralized finance (DeFi). And no — it’s not a Trojan horse for a Mark-of-the-Beast-style CBDC, especially with the anti-CBDC provisions passed alongside it. What the GENIUS Act does — and what we should cheer — is break the stranglehold that a handful of powerful banks and regulators have maintained over global dollar clearing for decades. It ends their monopoly on who gets access to clean dollars — and makes their quiet mandate to monitor how that money is used, and whether it aligns with political agendas in Washington or on Wall Street, far more difficult — perhaps even out of reach. The GENIUS Act is the first real crack in a system drifting for years toward financial authoritarianism. Riding the wave of stablecoin-driven dollarization, it knocks the US financial apparatus off course from a surveillance-based regime. It steers it — imperfectly, but meaningfully — toward broader monetary freedom and global access to the still-stable reserve currency. Though the torch-and-pitchfork crowd will accept nothing less than a crypto panacea, understanding this landmark legislation requires looking to crypto and banking history rather than recent social media outrage. The crypto dream When I left traditional finance for crypto over a decade ago, I had a “Crypto Dream” and a “Crypto Nightmare.” The dream was that Bitcoin specifically, and crypto more broadly, would become a better form of money for people, especially those who lacked access to it — a kind of public utility that fueled growth and improved lives. For that to happen, Bitcoin had to remain decentralized and untainted. That meant regulators keeping their grubby hands off it — and banks and institutionalists barred from co-opting it to preserve…
The post You’re Wrong About The GENIUS Act appeared on BitcoinEthereumNews.com.
Opinion by: Zachary Kelman No, the GENIUS Act doesn’t remove all government control over money. It doesn’t make Bitcoin tax-free. It doesn’t “legalize” decentralized finance (DeFi). And no — it’s not a Trojan horse for a Mark-of-the-Beast-style CBDC, especially with the anti-CBDC provisions passed alongside it. What the GENIUS Act does — and what we should cheer — is break the stranglehold that a handful of powerful banks and regulators have maintained over global dollar clearing for decades. It ends their monopoly on who gets access to clean dollars — and makes their quiet mandate to monitor how that money is used, and whether it aligns with political agendas in Washington or on Wall Street, far more difficult — perhaps even out of reach. The GENIUS Act is the first real crack in a system drifting for years toward financial authoritarianism. Riding the wave of stablecoin-driven dollarization, it knocks the US financial apparatus off course from a surveillance-based regime. It steers it — imperfectly, but meaningfully — toward broader monetary freedom and global access to the still-stable reserve currency. Though the torch-and-pitchfork crowd will accept nothing less than a crypto panacea, understanding this landmark legislation requires looking to crypto and banking history rather than recent social media outrage. The crypto dream When I left traditional finance for crypto over a decade ago, I had a “Crypto Dream” and a “Crypto Nightmare.” The dream was that Bitcoin specifically, and crypto more broadly, would become a better form of money for people, especially those who lacked access to it — a kind of public utility that fueled growth and improved lives. For that to happen, Bitcoin had to remain decentralized and untainted. That meant regulators keeping their grubby hands off it — and banks and institutionalists barred from co-opting it to preserve…
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