this post was submitted on 11 Mar 2025
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TokenBoomer@lemmy.world
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Some Democrats Endorse Bill Allowing Elon Musk to Create His Own Currency (prospect.org)
submitted 6 months ago by TokenBoomer@lemmy.world to c/progressivepolitics@lemmy.world
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The GENIUS Act is the first pro-crypto bill Republicans want to rush through this Congress. Thanks to industry money, several Democrats are ignoring the bill’s major problems.

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[–] BrianTheeBiscuiteer@lemmy.world 4 points 6 months ago

the GENIUS Act creates a framework whereby stablecoin issuers under $10 billion would be regulated by states, and issuers over $10 billion regulated by the Federal Reserve or the Office of the Comptroller of the Currency.

As Trump has so clearly demonstrated, regulations are suggestions. Unless you're on the "whitelist" regulators aren't going to protect you anymore.