politics

Regulating stablecoins under the Genius Act is not a win for crypto. It is a win for draconian KYC/AML financial surveillance and will protect Circle/USDC and other big corporate issued stablecoins at the expense of innovation in the stablecoin space. USDC will be the backdoor CBDC. Maybe it is time to create more stablecoins backed by assets other than the dollar. It saddens me that there are people cheering for this like we just won some kind of victory for crypto.

Regulating stablecoins under the Genius Act is not a win for crypto. It is a win for draconian KYC/AML financial surveillance and will protect Circle/USDC and other big corporate issued stablecoins at the expense of innovation in the stablecoin space. USDC will be the backdoor CBDC. Maybe it is time to create more stablecoins backed by assets other than the dollar. It saddens me that there are people cheering for this like we just won some kind of victory for crypto. 

https://reclaimthenet.org/senate-advances-genius-act-stablecoin-regulation-crypto-privacy

Writer / Crypto Idealist / Privacy Ninja /
I like hard money and I dislike the state. 
Blog: paragraph.xyz/@thoughtcrimetraphouse

I’m sorry that Maker / DAI didn’t make it through the dark Gensler days.