The so-called GENIUS Act, S. 1582, poses a grave threat to the stability of our financial system and must be rejected. This bill would effectively fold cryptocurrencies into traditional banking, putting customer deposits at risk to cover losses from potential crypto market crashes.
It is unacceptable that under this act, banks would be required to pay stablecoin owners first before their own customers in the event of insolvency, using funds from savings and checking accounts. This represents a dangerous prioritization of crypto investors over average Americans and their hard-earned savings. Furthermore, the GENIUS Act lacks crucial safeguards to prevent corruption and abuse.
It fails to address the Trump family's blatant use of cryptocurrencies to accept bribes from foreign entities and investors through their own cryptocurrency company. Allowing such unchecked exploitation of digital currencies is a severe lapse in oversight. Experts have sounded the alarm, warning that this legislation could expose the American financial system to devastating fallouts akin to the subprime mortgage crisis of 2008.
We cannot afford to jeopardize the strength and solvency of our banking institutions for the benefit of volatile and unregulated crypto markets. I implore you to heed these warnings and reject the GENIUS Act, safeguarding the integrity of our financial system and the security of American depositors.
First sent on June 12 by Coleman
