The more I learn about the GENIUS act the more of a shitcoin it becomes.

I think we all understand it's not really about Bitcoin. But it truly is just about extending the last gasps of dollar dominance globally and propping up treasury markets. Some have tried to frame it as "a necessary step to the SBR" (as an aside, the merits of which are very debatable and I think primarily serves to pump our bags while introducing a host of attack vectors and problems - although I think it is likely inevitable at some point) or as a "Trojan horse."

The problem with the Trojan horse thing is that the act now mandates 1:1 backing of stablecoins with UST or equivalent and excludes "high risk" assets (i.e. Bitcoin). That crushes Saifedean's thesis from Vegas re: tether. Al this bill does is provide a framework for tether to restructure their reserves and come back onshore and probably for circle to get in the game too. Ripple is sitting in the corner like the perfect little suckup who wants in on the action but thankfully their market cap is so small no one really cares.

The anti cbdc act is charades. The dollar is already a functional cbdc.

The only signal in all of this imo is the self custody/dev protections in the current CLARITY act, which functions as a bill of rights of sorts (i.e. we can do it anyway but let's enshrine this type of deal).

Otherwise it is just shitcoinery all the way down. Bad news for the US government is you can't just put a shiney facade (i.e. stablecoins) over a shitty system and call it good, although I suspect they will find ways to prolong dollar dominance longer than any of us think possible.