Did Passage Of The Genius Act Allow Stablecoins To Replace The Dollar

[gab13by13]

Stablecoin TETHER is now the #4 purchaser of US Treasurys. Krasnov and others in his cult have boldly stated that the United States will be the Crypto Capital of the world. I know that Krasnov has been pushing Powell hard to cut interest rates clear down to 1% to weaken the dollar and strengthen Crypto.

The Genius Act which was passed with bipartisan support ties the dollar to Crypto, banks will have to back Crypto which will deplete the amount of their reserves, there will be less money in the bank for domestic loans.

I admit that I don't know shit about Crypto but I believe that passage of the Genius Act was a huge mistake allowing Stablecoins to purchase our debt.

https://www.msn.com/en-us/money/markets/stablecoins-are-set-to-reshape-the-multitrillion-dollar-us-treasury-market/ar-AA1L9HdD?ocid=msedgdhp&pc=HCTS&cvid=267642467b504255aed0f4433aa6cb13&ei=19

[Lovie777]

1. I've read that crypto is not doing well....................

and yes, shithole is weaking the dollar.

[JCMach1]

6. Check BTC price.

[lostnfound]

8. I invested a small amount of my 401K in an IBIT fund right after trump election

it’s up 58%. I’m not a fan of it; but bought a small amount as an insurance policy against exactly this.
Under Biden, banks were told that if they wanted to use of crypto / stablecoin as part of their reserves, they needed pre-clearance.
Under trump, they said banks can use it as their reserves without pre-clearance.
This stablecoin is “stable” only if the entities that issue it actually have the dollar reserves to back it, but they aren’t regulated like banks are.

[fujiyamasan]

10. IBIT is a good ETF

Ethereum is having a good run right now and there are a few ETFs tracking that as well.

The crypto economy doesn’t make much sense, but the major ones like btc and eth are here to stay. I’d just recommend staying from any crypto Trump related or meme coins in general.

[no_hypocrisy]

2. Are banks mandated to accept Crypto or can they refuse it?

[JCMach1]

4. You don't need a bank. Why banks are always trying to kneecap the industry...

[Irish_Dem]

3. Who benefits and how from Trump deliberatly weakening the dollar?

[JCMach1]

5. Not Stable Coins as the peg to the $

[lostnfound]

9. Shock Doctrine pattern: weaken currency lets vulture capital / foreigners buy up assets for "pennies on the dollar"

Chinese, Saudi, Russian and yes even ‘American’ oligarchs may benefit — if they can see ahead and have the resources (and ‘dry powder’) to take advantage of it.

Austerity plans get imposed, government-owned assets get sold off to private parties for small pennies. As city, state and federal governments get desperate, they are forced into devil’s bargains to stay afloat. Subsidies end, social insurance may end, municipalities that are declared bankrupt get taken over and are burdened with onerous debt.

I think the US was protected from shock doctrine tactics because the billionaires live here too and because the US had strength as reserve currency. Neither of those things are limiting factors anymore.

[Irish_Dem]

11. China wants the yuan to be the global currency.

Weakening the dollar helps them.

[JCMach1]

7. Honestly stable coins look better and better as we are dealing with Visa/MC

Censorship of payments for platforms like Steam.

Mastercard and Visa face backlash after hundreds of adult games removed from online stores Steam and Itch.io | Censorship | The Guardian https://share.google/HRjuIOMhxEgZUr8Tw