This Bill Will Return Us to an Era of Economic Chaos
The growing value of cryptocurrency is resurrecting one of the most notorious features of the Wild West. Just as stagecoach drivers of the 19th century were ambushed by gold-seeking, gun-toting bandits, crypto holders and their families are increasingly finding themselves victims of violent kidnappings.
If Donald Trump and his allies have their way in Congress, America could soon see a resurgence of other features of that turbulent century, when bank failures, personal bankruptcies and financial instability also occurred regularly.
What would unleash this chaos is a piece of legislation known as the Genius Act. In its efforts to give crypto a patina of governmental authority and legitimacy, the Genius Act would give hundreds — perhaps even thousands — of American companies the ability to issue their own currencies. Imagine Walmart issuing a Walmartcoin, and Amazon doing the same with an Amazoncoin, enabling them to bypass the banking system and credit card networks.
The Trump administration argues that the Genius Act would take our country to a modern future. But what they seem to forget is that America had a similar banking system more than 150 years ago, and it unleashed chaos and financial ruin. Lawmakers should think twice before passing this piece of legislation.
The focus of the Genius Act is a type of crypto called a stablecoin, whose value is intended to be tethered to another, more stable asset, like the dollar. If the act is passed, stablecoins could be issued either by federally insured banks, such as Bank of America, or by companies, such as Walmart and Amazon. Companies that issue less than $10 billion worth of coins could have their currencies regulated by a state. The rest would fall under the jurisdiction of federal regulators.
The intent, evidently, is to let a thousand cryptos flourish.
The act specifies that issuers should hold $1 of liquid assets — like U.S. Treasury securities — for every $1 stablecoin they distribute.
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