There are ample reasons for skepticism concerning the GENIUS Act. From Matthew Piepenburg at vongreyerz.gold:
Are stablecoins just CBDC by another name?
The answer is essentially: Yes.
Below we discuss the recent passage of the Genuis Act, the USA’s first national cryptocurrency legislation and address why this matters, the risks it poses and the golden options left to us in a world rapidly yet quietly turning toward fewer freedoms and greater centralization and control.
No Surprise
VON GREYERZ was founded decades ago under the clear and simple premise that unsustainable sovereign debt levels were creating an environment of unacceptable market, banking and currency risk.
During these many years, such risks, of course, have been playing out in real time at a daily level.
Our warnings, based upon real-world banking, risk asset management and executive commercial experience, have been neither theoretical nor sensational.
Instead, they have been tragically foreseeable.
We have tracked exponentially rising and empirically undeniable global and US debt levels, tragi-comical bank failures and banking risks, derivative time bombs, weaponized currency policies leading to obvious de-dollarization trends and the deliberate debasement of paper money to monetize a global debt crisis which fully explains and underpins a rigged financial system that is rotting from within.
In short: We have years of “receipts” to support and confirm our warnings, all of which are based on a blunt understanding of math and history.
