Rolling Stone: Liz Warren Says Crypto Bill Creates a ‘Superhighway’ for Trump Corruption
The Democratic senator is sounding the alarm over the GENIUS Act, which will put financial power in the hands of Big Tech. What could go wrong?
The Senate is set to pass the GENIUS Act early next week, a controversial piece of cryptocurrency legislation that critics say will hand an undue amount of financial power to the tech industry. On its face the bill, which has advanced with bipartisan support, purports to offer a regulatory framework for the expansion of “stablecoins,” a form of crypto pegged to an existing, recognized asset — in many cases the U.S. dollar. In reality, it could enable corruption, screw over taxpayers, and potentially destabilize the economy.
The GENIUS Act would allow banks and private companies to issue stablecoins, essentially their own currencies, with light oversight from regulators. It mandates that issuers of stablecoins hold a reserve of the stable asset backing their cryptocurrency at all times, and that firms abide by certain anti-money laundering laws, as well as U.S. sanctions against foreign entities.
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By: Nikki McCann Ramírez
Source: Rolling Stone
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