Prediction: The GENIUS Act does way more harm than good for stablecoin markets and turns into a classic case of “be careful what you wish for”.
Discussion
Who TF cares about stable coins, what’s the purpose of it anyway.
export US debt.
Prolong the fiat scam
A lot of people around the world live in countries with really shitty currencies and their governments make accessing US dollars difficult or impossible for most people. Stablecoins pegged to the dollar are super helpful for those people.
BITCOIN ONLY
Of course it will, it's an Act, right? Patriot Act. Make Health Care Affordable Act. etc. But if the goal is dollar dominance and finding buyers of treasuries, then what can the harm be for Americans, or to issuers/users?
Mass financial surveillance, more easily frozen and confiscates funds, easily programmable features like expiration dates, etc.
I mean, that’s what will happen to dollarcoin users most likely, but for bitcoiners, is it a problem?
Most people and businesses are still dollarcoin users. Bitcoin individuals, households, and businesses are still dependent on dollarcoin users and businesses. If those users and businesses start falling prey to a hyper weaponized digital dollar there may be less options and more friction for bitcoin users over time.
I think it will be more of a mixed bag, but this is one of the dangers we should be sober minded about.
You could just delete everything after “The GENIUS Act does way more harm than good”.
💯
Yep
Prediction: Genius Act doesn’t do shit and we all live happily ever after.
sounds about right
I don't have any need for stablecoins at the moment.
I can't see how this isn't good for Bitcoin adoption in the long run.
Likely
We need a RETARD Act stat
The Revocation of Extremely Terrible And Retarded Doctrines would move our country forward
seems net negative for Tether
Regulatory clarity is here, and it’s annoying af
Is the plan for GENIUS to induce Dollar Milkshake to maintain hegemon?