Trump is no GENIUS, but he is corrupt. This year, Trump has made nearly $3 BILLION on his corrupt crypto deals. Right after The Banking Committee voted on the bill, Trump launched his own stablecoin (USD1) and it’s already being used to finance corrupt business deals in the Middle East.
The GENIUS Act establishes useless financial "safeguards" for the new wild west of Big Tech private currencies (so called “stablecoins”).
It begs for more big financial bailouts when the companies get shaky, and people run to redeem the private currencies for actual cash - the exact kind of run on the banks that caused the Great Depression.
The bill also ignores core consumer protections that apply to the payments we make every day through our debit card or Venmo account.
It also lacks privacy safeguards to prevent Elon Musk and other Big Tech billionaires from surveilling transactions.
It does not close money laundering and terrorist financing vulnerabilities that bad actors can exploit.
Filibuster and STOP this fraud!
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