The GENIUS Act: A Death Knell for Blockchain

The core requirement of the bill is that all legal stablecoin issuers must back their outstanding supply with 100% reserve assets, and these assets must be US dollar cash or short-term US Treasury securities.

See, blockchain circulation primarily relies on stablecoins for transaction conversion, but these stablecoins must hold reserves equivalent to 100% US dollars or Treasuries.

In other words, all the various types of funds flowing into crypto globally, for one reason or another, get swapped into US dollars — especially serving as a backdoor to absorb the world's illicit capital.

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