Simon M.’s Post

Last night’s approval of the stablecoin bill known as the GENIUS Act by the US House of Representatives comes right after the House also passed the Clarity Act to oversee digital asset markets in the US. The U.S. plans to use stablecoins as a means of maintaining the hegemony of the U.S. Dollar and by dollarising economies around the world from the ground up, according to David Sacks, the White House Crypto and AI Czar. The passing of the latest Bill throws the weight of the world’s largest economy behind blockchain technology and digital assets. Finally, clear regulation in the US will allow blockchain tech to be seen for what it is: a revolution in computer science capable of transforming financial services and making them as inclusive and democratic as the internet itself. Using a stablecoin, anyone virtually anywhere with a mobile phone can now send or receive a dollar in less than a second for less than a cent. What we may see next is U.S. Banks directly issuing dollars on the blockchain with all the insurance and consumer protections of traditional bank-held US Dollars.