The GENIUS Act, recently signed into law, aims to regulate stablecoins and boost the US dollar’s role in the digital economy. But not everyone’s happy about it.
Marjorie Taylor Greene’s Strong Opposition
Rep. Marjorie Taylor Greene, a vocal critic, believes the GENIUS Act is a sneaky way to introduce a Central Bank Digital Currency (CBDC) without outright saying so. She calls it a “Trojan horse” and worries about a future where the government controls all our digital money. She’s concerned about the loss of financial freedom and the potential for government overreach. Greene voted against the GENIUS Act, but for a separate bill to ban the Federal Reserve from issuing a CBDC. She’s also pushing for strong self-custody protections for digital assets, meaning people should be able to control their own crypto, not the government or banks. She sees this as a critical issue, comparing it to the US abandoning the gold standard in 1971.
Crypto Market Soars
Despite the political drama, the overall crypto market is booming! The total value of all cryptocurrencies just hit a new yearly high, exceeding $3.8 trillion. This shows strong investor confidence, with significant increases in trading volume across major and smaller cryptocurrencies. Technical indicators like moving averages strongly support this upward trend. The recent legal clarity in the US, including the GENIUS Act, likely contributed to this positive market sentiment.