#genius act

Some libertarians hail the GENIUS Act as a victory—a proof the government “finally gets crypto,” promising innovation under federal oversight. In theory, that would be incredible… if it weren’t fiction.

Read More: https://thefreethoughtproject.com/money/10-ways-govt-compliant-stablecoins-are-functionally-no-different-than-cbdcs

Brian Beutler at Off Message:

Senate Democrats are embroiled in a fight over crypto regulation. At issue is whether a pro-crypto faction should provide the decisive votes to pass the GENIUS Act, which, among other things, would allow President Trump to continue to use his own cryptocurrency as a conduit for corruption. Some pro-crypto Dems will make the case for cryptocurrency on the merits, but they also have political motives: They want to get on the right side of the crypto lobby (or at least not invite its ire) and increase the party’s weak appeal to young male voters along the way. The other faction, led by Sen. Elizabeth Warren (D-MA), is highly skeptical of cryptocurrency in general, and would like it subject to much stricter regulation, but the immediate objective, and larger source of sway over pro-crypto Dems, has a political component, too: Oppose any new crypto regime that allows presidents to use so-called stablecoins as bribery funnels. Cards on the table, I want Warren to win this fight. To some very small extent, that’s because I’m a crypto skeptic—even of stablecoins, which are at least pegged to the value of real assets—and I trust financial-regulatory experts like Warren to see around corners and reduce the risk of abuses and crises before they spiral out of control. But mostly it’s because I want Democrats to seize every sensible opportunity to draw attention to, and make Republicans pay a price for, abetting Trump’s corruption. Democrats understand the value and urgency of anticorruption politics when there are no special interests on Trump’s side. Chuck Schumer announced this week that he’d serially filibuster all Justice Department nominees until Attorney General Pam Bondi answers questions about the $400 million airplane Trump intends to accept from Qatar. That’s a good first step, and a template for further action. If Trump says the Defense Department will take possession of the bribery plane, and spend hundreds of millions of taxpayer dollars to sweep it for surveillance equipment and reassemble it, then Democrats should extend their holds to Pentagon nominees. Introduce legislation to defund the entire boondoggle. The crypto bill provides a similar opportunity to make Republicans reveal their priorities. Do they want to deliver the crypto industry a lax regulatory regime, or do they want to help Trump get away with high crimes? [...]

TENT, POLLS

I can already hear the retort: Why are you shrinking the tent?! “My general view of how to win elections is you have to get a lot of votes, and that means we’re going to have to have alliances with people that we may not agree with 100 percent of the time,” Gallego recently told a town hall attendee in Pennsylvania. “Marc Andreessen runs the largest venture capital firm in Arizona.… What happened last election is that we got so pure and we kept so pure that we started kicking you out of the tent. It ends up there aren’t enough people in the tent to win elections.” My best response is: Marc Andreesen’s just a guy, and an extremely eccentric one at that! If mountains of reporting and experience are to be believed, Andreesen has become a full-blown, thin-skinned, megalomaniacal crank who hates liberals, hates democracy, and wouldn’t enter a Democratic tent under any plausible circumstances. I’d also say that many of the people who respond to skepticism of moral and ethical compromise by alluding to the need to grow the tent are trying to duck the actual moral and ethical questions, along with more practical questions of how big the tent needs to be, whom we should want inside of it, and in what positions of influence. Should it be open to a big subset of actual crypto holders? Sure. Should it be open to a small subset of tech reactionaries with grim, fascistic views of the future? I think Dems are probably better off welcoming their hatred than rolling out the red carpet for them, but there’s definitely no need to offer them positions of prestige. Some of these avatars of the tech right might one day be humbled. They might lose an election or court catastrophe and try to tiptoe back into the mainstream. That is their prerogative. But there’s a difference between a world where Silicon Valley reactionaries get burned by MAGA and resume voting for Democrats, and one where Democrats entice them back by letting them set policy. The size of the tent is a matter of counting heads; the tougher question is who gets to be on stage. The world of crypto evangelists overlaps heavily with a cadre of race realists, who also deserve no pride of place in Democratic politics. Let them vote for Democrats if they’re put off by Trump’s idiocy, but they do not belong in the inner intellectual and strategic sanctums of any liberal party. The way I think about growing the tent is to define MAGA clearly, and create a welcoming environment for anyone who opposes it on antifascist or pro-democracy grounds.

Join the conversation: Ghislaine moved to lobster jail⭐️Chris Smalls: the Leftist leader we need⭐️EU cuts Ukraine Funding⭐️the GENIUS Act & MORE!

MetaMask is gearing up to launch in-wallet perpetual trading through Hyperliquid.

Grayscale’s Digital Large Cap Fund goes live, offering exposure to BTC, ETH, XRP, SOL, and ADA.

Tyler Winklevoss, Gemini co-founder, calls former SEC Chair Gary Gensler a “total disgrace” to the United States.

Economists warn that rapid Fed rate cuts could boost BTC and altcoins, with two more cuts expected this year.

Grayscale files an amended S-1 to convert its Dogecoin Trust into an ETF (GDOG).

FTX announces its third round of creditor payouts starting September 30, 2025.

The U.S. Treasury opens the ANPRM process for the GENIUS Act, accepting public input until October 20.

PayPal’s PYUSD stablecoin is now live on the Sei network.

WLFI plans to use all protocol-owned liquidity fees to buy back and burn $WLFI, reducing supply for holders.

Canadian authorities seize $40M in crypto from TradeOgre amid money laundering allegations.

Solana founder warns that Bitcoin could face a 50% risk from quantum computing by 2030.

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Ghislaine moved to lobster jail⭐️Chris Smalls: the Leftist leader we need⭐️EU cuts Ukraine Funding⭐️the GENIUS Act & MORE!

The $6 trillion standoff: Banks vs crypto over stablecoin yield

The biggest fight in American finance right now is over a single clause: whether digital dollars can pay their holders interest. Banks say yield-bearing stablecoins would drain trillions in deposits and break the lending machine. Crypto says the banks are…