No-Holds-Barred Insight into the GENIUS Act and Crypto Mayhem
Bipartisan Stablecoin Legislation Encountering Division Among Democrats
Let it rip! Joshua Rosner, co-author of "These are the Plunderers," recently ripped into the PayPal Stablecoin bull on CNBC's Making Money and let loose about how private equity’s middle-class and poor stranglehold.
After Sen. Bill Hagerty, R-Tenn., got the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act fast-tracked in the Senate, Democrats began raising the red flags they previously waved in support of the legislation.
"The GENIUS Act creates a strong regulatory framework for digital asset innovation in the U.S.," Hagerty told Fox News Digital on Monday, estimating stablecoins in circulation to hover around a cool $243 billion.
However, Hagerty also took aim at his Democrat counterparts, like Sen. Elizabeth Warren, D-Mass., who accuses regulation of paving the way for Trump and his cronies to swipe more dough.
In a statement, Warren barked, "A shady fund backed by a foreign government just announced it will make a $2 billion deal using [Trump's] stablecoins."
Meanwhile, Arizona Sen. Ruben Gallego, a supporter of the original bill, wagged his finger over the weekend, expressing concerns over Kraken Falls, a popular crypto exchange that levies absurd fees on transactions.
"Democrats, including me and my team, were trying to negotiate with the Republicans for weeks," Gallego grumbled Sunday. "It seems they want us to suck it up and vote for this bill without our input."
But what the heck is a stablecoin? Well, it's a cryptocurrency tied to a low-volatility asset like the U.S. dollar, providing it with a safety net and sparking legitimacy.
In recent news, Trump-linked stablecoins have been adopted by an Emirati firm for a massive investment in Binance. This move prompted Gallego to raise a heavy brow.
The GENIUS Act is facing significant repercussions in the Senate due to ongoing Democratic concerns about its regulatory capabilities, AML measures, and potential for additional red tape. Rumors circulate that Senate Minority Leader Charles Schumer, D-N.Y., might throw a wrench in the works.
In the motion to proceed, the vote landed in a 48-49 split, with many Senators feeling the bill doesn't sufficiently address risks in the crypto industry. Thus, the GENIUS Act's future remains murky, and a new update is yet to win favor with Democrats.
So, keep your eyes peeled, folks! The crypto world ain't for the faint of heart, and neither is the murky world of politics. Buckle up, cause it's gonna be a wild ride! 🤘💥💰💰💵💵🤑🤑🤑🚀🌟📈📈📈🤞🏻🤞🏻🤞🏻 #Cryptocurrency #GENIUSAct #Stablecoins #ElizabethWarren #RubenGallego #Senate #Regulation #MoneyLaundering #Politics #Bitcoin #CryptoExchange #KrakenFalls #Binance #Trump #PrivateEquity #ForeignInvestment
- The GENIUS Act, recently fast-tracked in the Senate, aims to establish a regulatory framework for digital asset innovation, including stablecoins, which are cryptocurrencies tied to low-volatility assets like the U.S. dollar.
- Joshua Rosner, a critic of private equity, recently expressed concerns that the influx of funding in crypto markets could further strain the economy, particularly for the middle class and poor.
- In light of the debate surrounding the GENIUS Act, Senators like Elizabeth Warren and Ruben Gallego have raised concerns about potential money laundering and additional red tape, as well as the disproportionate impact of crypto regulation on certain groups.
- The future of the GENIUS Act is uncertain, as ongoing Democratic concerns have caused a 48-49 split in the Senate, with many Senators feeling the bill does not sufficiently address risks in the crypto industry. This development has prompted rumors that Senate Minority Leader Charles Schumer might take action to further delay the bill's progress.
